Decorating products manufacturer Bartoline Ltd has completed a £5.2 million sale and leaseback deal on its East Yorkshire base.
The company, bought by an investment fund a year ago, has sold the 80,000 sq ft site to Newcastle-headquartered Adderstone Group.
Bartoline specialises in sundries for the home improvement and trade industry, working under own brand and retail names from the Swinemoor Lane Industrial Estate in Beverley, where the former family business has operated from since 1968.
The site features manufacturing and storage units, and was part of the deal that saw Endless LLP-managed fund Enact II swoop for the £25 million turnover business last March.
With a “lack of succession” highlighted at the time, the sale allowed the retirement of managing director Simon Barton, with Bartoline changing hands as it closed in on 150 years since it was first established, back in 1876.
It had witnessed strong growth during the pandemic as home improvement came to the fore, with sales up almost 30 per cent year-on-year from 2019 to 2020, while taking headcount surpassed the 100-mark.
For Adderstone, a property development and investment business launched in 2000, the deal follows the acquisition of Victoria Retail Park in the town, north of Hull, last year.
Ian Baggett, chief executive, said: “This deal appealed on a number of levels – sector, deal size and location. Given that we self-manage, it makes sense for us to acquire in clusters.
“We also like to partner long-term with tenants and so were grateful for the opportunity to negotiate leaseback terms with this long-established business.
“We are targeting value-add industrial, retail warehouse and office investments throughout the UK. Having made acquisitions totalling around £50 million in the last 18 months, we are aiming to match this in the next 18 months.”
PK3 Agency acted for Adderstone, with Fox Lloyd Jones for Bartoline.