Leicester Tissue Company supplies to more than 27 countries, and specialises in paper making and converting paper reels into a variety of tissue-based products. Who owns Accrol Group? Gareth was talking of targeting margins in the teens for Accrol, but FY24 margins by my calculations are currently 10.24%. Below, we outline the substantial internal progress that has been made over the last few years; the market opportunity that will continue to drive our growth; and the future steps we intend to make. One of the key opportunities that we have been carefully reviewing has been whether to acquire, or develop, our own paper mill capacity. We have taken the decision to proceed with building a mill, having made considerable progress in this area over the last six months. We anticipate that the mill will operate, crucially for the duration of its life, with an energy cost that is lower than levels seen in the UK prior to the war in the Ukraine.

The team didn’t leave any aspect of the business untouched. Our priority was safety, and then we focused on simplification and cost reduction, combining these with quality service, innovation and putting the customer first. The Group’s new ‘Brand Killer’ strategy was then added to the mix. Our aim was to offer the best possible value to consumers for the price paid. With a variety of trends available in the range we’re making it easy for shoppers to express themselves and find something to suit their individual personality whilst doing their weekly shop – whether that’s someone who loves working with bright neon colours, a detailed organiser who prefers neutrals or something in-between.” Mr Wright has held the role since February 2018 having previously been a non-executive director since December 2017.

Our brands

Tesco director for homeware, Ally Rose, said: “We know that Paperchase lovers will be pleased to see their favourite stationery brand again, and we’re excited to be making these premium, design led products available to Tesco customers, to spread a little more joy.

However, Accrol is one of the largest businesses in Lancashire and has been expanding significantly over the last few years. Currently there is a big gap between market expectations and the quoted ambition of EBITDA in teens and gross margins of up to 30% A debt/EBITDA of close to 1 looks unambitious when net debt was 26.8m at Y/E and market expectations are for 20.1m by the end of FY24. If revenue is forecast to fall by 10% then working capital should also be falling 10% plus the higher profits. FY23/24 cash generation will be "quite profound" as capex on automation is complete and debt should fall rapidly. Debt guidance may be in the YE update or we may have to wait for the full update later in the year. Oceans is a plastic-free toilet tissue for which we will be donating part of our profits to the MCS,” Graham comments. “You can buy the product online, so it’s direct to consumer. It goes straight from manufacture at Accrol to a local distributor, and from there it goes straight into people’s homes reducing road miles by avoiding retailers RDC’s. It is 100 per cent recyclable and there is zero plastic in the product.A direct-to-consumer business of scale, based around the Oceans brand, suppling a range of plastic-free household products; and Just over a year after flotation, the company appointed a new CEO, Gareth Jenkins. Gareth conducted an early review of the business, and, just weeks after his appointment, Accrol announced that it was facing a number of challenges which were placing significant financial pressure on the business. Trading in the company’s shares was suspended, while funds were raised to enable the business to survive. Customers will be able to shop the new stationery items in 120 of the grocer’s supermarkets around the UK from today. Expected to be fully profitable and substantially accretive to Accrol earnings, within its first year of operation