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Omnico Set to Capitalise on Success as Independent Venture Following MBO

New opportunity as Haymills plc sells contracting and building materials businesses

On Friday 30th January, Colin Evans, MD of Omnico Plastics Ltd, the leading plastics specialist, successfully led an MBO of the company following the decision by the Haymills plc board to separate its Contracting and Building Materials businesses. The MBO, which also included Specialised Fixings Ltd, has been backed by the Royal Bank of Scotland and Northern Venture Managers Ltd.

Commenting on the announcement, Colin Evans, Managing Director of Omnico said:

"This is very good news for Omnico and I would like to thank our customers, suppliers and staff for their continued support. Our future as a business is very positive following strong sales, increased turnover last year and an expanding network of outlets nationally. Independence from the Plc will give us the flexibility to secure maximum value from the business and optimise the expansion opportunities available to us."

John Woodhouse, Chairman of Haymills plc, added: "The plc decision to separate the contractors and building materials businesses is a very sensible one in these circumstances and I am sure that, as a very successful business in its own right, Omnico will go from strength to strength as an independent entity."

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