Finance Wales has sold its stake in Wrexham-based Silvergate Plastics to the company’s team of executive directors.

The Government-run investment group has been involved in the business since a management buy-out in 2008 and will continue to provide support. Silvergate Plastics was originally founded in 1984.

In 2008, it was bought from British Vita by AWB Plastics Ltd with support from Finance Wales. Since then, it has more than doubled its turnover to £8.6 million.

Finance Wales portfolio manager Jerry Mobbs said: “As a long-term backer of Silvergate Plastics, our investment has been instrumental in helping the company to develop its processes and technology and to achieve year-on-year growth.

"Silvergate has a strong management team, and we are confident they will continue driving the company forward to even greater success and the achievement of their long-term goals.”

Tony Bestall, managing director of Silvergate Plastics, said: “We are delighted to own the firm in its entirety, and we are very grateful that Finance Wales was able to help us grow into a sustainable and thriving organisation.”