IWP plans £90m sale of Bloo
IWP International is considering a £90m sale of Bloo toilet cleaner, Jeyes fluid and other household products brands. Bloo, advertised last year by comedian Julian Clary, has been a star performer in the London-listed company's product range, rapidly growing its share of the toilet accessories market.
IWP bought the brand for £51m in 1998. A host of other products, from wire soap pads to Tiger Tim firelighters, are believed to be part of the disposal. The sale would leave IWP, formerly Irish Wire Products, to focus on its personal care division, which takes in cosmetics sold at Superdrug and Asda.
Several venture capitalists are interested in the sale, being handled by Goodbody Corporate Finance, which declined to comment. Banking sources said bids are being collected this week. IWP chairman Joe Moran said: 'Everything is for sale if the price is right. We are continually looking at IWP and don't rule anything out.'
The company's household products division has turnover of more than e250m (£153m). Jeyes fluid, invented by John Jeyes in 1877, has a Royal warrant granted in 1896.
Shares in IWP have slumped from more than 160p to lows of 102 1/2p last summer. They are currently wallowing around 120p.
