Carysil UK, a wholly owned subsidiary of Carysil, has announced its decision to acquire the remaining 30% equity shares in Carysil Brassware Limited, formerly known as The Tap Factory Limited, for a total consideration of £350,000. This acquisition will make Carysil Brassware a 100% subsidiary of Carysil UK.
Carysil Brassware, based in Yorkshire, UK, specializes in designing and sourcing bathroom and kitchen products, with a notable focus on Instant Boiling Water Taps. The company generated a turnover of £1.21 million as of March 31, 2024.
This acquisition is classified as a related party transaction, but it is important to note that Carysil Limited, the parent company, is not directly involved in the transaction. The deal is being conducted on an arm’s length basis between Carysil UK and the original promoters of Carysil Brassware, Mr. Greenwood Stuart and Mrs. Zoe Amanda Greenwood.
The decision to acquire the remaining shares ahead of the originally planned timeline reflects Carysil UK’s strategy to enhance the performance of Carysil Brassware and support its future growth plans. The acquisition will be funded entirely from Carysil UK’s internal accruals and does not involve any financial outlay from Carysil Limited.
This move is expected to strengthen Carysil’s position in the UK kitchen and bathroom segment, enabling the company to develop new products and leverage its existing market presence. The completion of this acquisition is anticipated within 30 to 45 days.
