Taylor has a long, proud history and a fantastic product. Its Continental 1100 has been the market standard for 4-wheeled steel bins for over 20 years. When we acquired the business in 2011 it has been through a period as an orphan asset, but for most of its 50-year existence Taylor has been owned by the Taylor family. We saw the opportunity to take the strong, loyal, family ethos and introduce commerciality into the revenue and controls into the manufacturing facility to enable growth. We believed the resilience of the underlying bin sales so transformed would then support development and growth. And we believed that growth was to come from building on that one symbolic product and extending to other products and other geographies to create a resilient, diversified, international waste containment provider.
Contraction in the UK economy and a drive by local authorities to consolidate and run down their fleets of waste containers gave our period of ownership a difficult first few years, but the business has since been transformed and reinvigorated. We acquired Sellers to bring an alternative manufacturing site and new products; a new management team has transformed the commercial thinking in the business; the manufacturing is now more flexible and more profitable than ever before; Taylor’s £20m-plus revenues are far more diversified in all respects. Taylor has now developed strategic partnerships with other waste containment providers and established its first overseas office in the Middle East, and already looks far more balanced as a business.
Over the next few years, we intend to support further the product diversification, with follow-on investment if necessary, as well as learn from our success in the Middle East to diversify our sales internationally. With more products and containment solutions on offer, Taylor will also increasingly become a service business, bundling products and other services into annual solutions for customers, and shifting away from a commoditized manufacturer. In this way we hope to make Taylor a flexible waste containment partner for waste management companies and municipalities throughout the UK and across the globe.