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Refrigeration rental firm benefits from buyout

lowe refrigeration crop
Lowe Rental is now majority owned by private investor Perwyn.

Lowe Refrigeration, a rental specialist for refrigeration units, catering equipment and temporary kitchens, has seen its financial performance strengthen in a year in which it was bought out.

The Lisburn-based company was acquired by private investment firm, Perwyn, last spring, in a deal led by CEO Rodney Lowry.

Parent company Frost Investments has now posted its annual financial results, with turnover for the 12 months to 31 August 2018 reaching nearly £26m, 8% up on last year’s £24m.

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Furthermore, operating profit grew from £2.2m to £2.6m, an increase of 20%.

The annual report stated: “The directors are satisfied with both the performance for the year and the year-end financial position.

“Looking forward, the directors consider the group to be well-placed to grow both turnover and profitability. It is management’s intention to develop both current and new activities.”

Lowe was established over 40 years ago and employs around 130 people across nine offices on four continents.

Tags : businessfinancial resultsfinancialslowe refrigerationrental
Clare Nicholls

The author Clare Nicholls

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