A LONG-ESTABLISHED packaging firm has been sold in a deal worth £8.3m.

Walsh and Jenkins Holdings, based in Foots Cray and Maidstone, has become part of the Keenpac Group, Leicester, a UK leader in premium retail packaging products.

The Kent company has annual sales of around £16m. It employs some 50 people, including half a dozen at a factory and warehouse on Parkwood Industrial Estate, Maidstone. Staff have been told there are no plans to cut jobs.

Walsh and Jenkins was founded in the 1950s and makes upmarket carrier bags for retailers such as Karen Millen, Harrods, Timberland and Fortnum and Mason. It also specialises in gift boxes, promotional packaging, and boxed sets of Christmas cards.

Laminated paper carrier bags are handmade at the Maidstone plant. The firm also has offices in the United States and Nottingham.

Keenpac said the acquisition of Walsh and Jenkins, funded by the Bank of Scotland, would complement its existing UK and US business operations, and enable the company to progress to the next stage in its development.

Keenpac products range from luxury paper to high-density polythene bags, watch and jewellery packaging and accessories. It has annual sales of £50m and was founded in 1979 by group CEO Glynn Bradshaw.

Finance director David Muir said: “We are very pleased to have secured Bank of Scotland’s continued support for our business.

“This acquisition will consolidate our position in our two most important markets of the UK and USA. More importantly, the combined strength of the new enlarged group will greatly increase our ability to service our customers' needs worldwide.”

Nigel Irvine, director of integrated and acquisition finance at Bank of Scotland Corporate, added: “Keenpac has made significant strides in developing its business over the last few years, and this acquisition will further cement their reputation as one of the leading lights in their sector.”