A MAJOR packaging company employing 90 staff has been sold by its 77-year-old owner to one of its major suppliers..

The Cardboard Box Company has been bought for several million pounds by the Logson Group.

The purchaser, the UK’s largest independent supplier of corrugated packaging which has provided raw material to the Clayton-le-Moors firm for almost two decades , had been seeking to buy the firm owned by Peter Street for eight years.

It is the second major East Lancashire firm to be sold in recent weeks following the acquisition of Darwen’s WEC Group Ltd by a group of Anglo-American investors.

Hyndburn Council leader Cllr Miles Parkinson said: “Hopefully this purchase by a major player in the industry will mean further investment and jobs for the borough in the future.”

Miranda Barker, chief executive of the East Lancashire Chamber of Commerce, said: “This is good news.

“ Logson is one of the UK’s biggest company in the packaging sector and this should secure the company and its 90 jobs for the future.I wish Peter a well-earned retirement.”

Mr Street bought the company, then Chapman Containers, in 1999 and renamed it the Cardboard Box Company.

Despite suffering a near-fatal stroke in 2000, Mr Street invested more than £15million and developed tailored packaging for companies including BskyB, Time Computers and Tescos,

The firm’s annual turnover grew from £3m in 1999 to £17m in 2017.

Under its new owners Cardboard Box will continue as a stand-alone brand with the current management team in charge

Mr Street, who will take up an ambassadorial role for the company as well as looking at other ventures, said; “It has been a great journey since I first entered the packaging sector with the Cardboard Box Company in 1999.

“ I have great trust in the Logson team to guide the business on the next stage of the journey.

“They know us well and understand the culture we have worked so hard to develop.

"It has been demanding and hard work but very enjoyable and rewarding.”

Alex Kelly, chief executive of the Logson Group added; “Having courted Peter for many years, we are delighted to have finally acquired what we believe is one of the UK’s finest plants.

“The business is well positioned to meet the increasing demands of key high growth sectors.”

Ken Shackleton, Cardboard Box’s managing director, said; “This is a great fit for our business.

". We have exciting plans moving forward."

He added: "The Logson approach will allow us to maintain our identity and entrepreneurial flair, backed by the financial strength and scale of the UK’s largest independent corrugated packaging group. This move can only enhance our offering to both new and existing customers.”

The enlarged Logson Group, - whose brands include Board24, Boxes and Packaging, Cases24, Boxshop and Jardin Corrugated - will have factories in 18 locations across the UK.