Dan Wright, Executive Chairman of Accrol, said: "Over the last four years, Accrol has been transformed as an organisation to one that currently supplies c.21.5% of the UK market's tissue volumes and has considerable further capacity. Our state-of-the-art businesses are in an incredibly strong position to benefit in a private label market, which is growing rapidly and significantly. Our customer base is strong and varied and the ability to pass-on cost increases swiftly has been evidenced in the Group's Half Year Results, also announced today. We look forward with increased confidence, having clearly identified where we can grow the business." It’s brilliant to see all the beautiful colours and designs coming to life both in our stores and online.” Tesco has relaunched Paperchase online and in selected stores, just 10 months after it rescued the brand out of administration. Just over a year after flotation, the company appointed a new CEO, Gareth Jenkins. Gareth conducted an early review of the business, and, just weeks after his appointment, Accrol announced that it was facing a number of challenges which were placing significant financial pressure on the business. Trading in the company’s shares was suspended, while funds were raised to enable the business to survive.

As the mill solution has progressed, we are now in a position to provide an indicative outline of what we believe Accrol will be capable of delivering over the medium to long-term, if we maintain our current pace of execution against our commercial strategy: Earlier in 2020, as the outbreak of Covid-19 led to widespread panic-buying of essential goods across the UK, Accrol experienced a rapid spike in demand for its products. Operating 24 hours a day, seven days a week, the company maintained supply to all of its key customers without incident. At the time when the current Board was constituted, Accrol faced multiple challenges, some of which had been self-inflicted. From the outset, the priority of the Board has been to: The team didn’t leave any aspect of the business untouched. Our priority was safety, and then we focused on simplification and cost reduction, combining these with quality service, innovation and putting the customer first. The Group’s new ‘Brand Killer’ strategy was then added to the mix. Our aim was to offer the best possible value to consumers for the price paid.Following a significant turnaround, in which the company implemented multiple new business processes, Accrol Papers is leaner, more automated, and leading the UK tissue conversion market Tesco director for homeware Ally Rose said: “We know that Paperchase lovers will be pleased to see their favourite stationery brand again, and we’re excited to be making these premium, design led products available to Tesco customers, to spread a little more joy. Strengthening our senior leadership was another priority and this has extended beyond the Board. Since 2018 and the initial appointments of Gareth Jenkins as CEO and Dan Wright as Executive Chairman, we have appointed a new Managing Director and Operations Director of the Tissue Division. We have also added depth and experience to our financial management teams.

In the 2023 final results EBITDA market expectations for 2024 were raised from 19.5 to 20.5m. Two months later they have been raised again to "at least 21m" Accrol is currently my largest holding by some way on my belief that the FY23 end update due anytime soon (Tuesday 17/05/2022 LY) will give a very positive FY24 outlook.

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Currently there is a big gap between market expectations and the quoted ambition of EBITDA in teens and gross margins of up to 30%