Peerless Plastics Packaging was a specialist manufacturer of injection mouldings for the food packaging sector.
GIL assumed control of Peerless in 1994 following an invitation by institutional shareholders whose value had been eroded at the time. Following the initial investment the GIL team made management changes which improved performance considerably. Sales in 1994 of £8m generated a loss of £500,000 and by 1998 sales were £10.7m with an operating profit of nearly £1.5m.
The business was sold in 1999 with the result that the bank debt was fully repaid and GIL made a significant return on its initial investment.