Glasgow-based packaging firm Macfarlane Group has continued its acquisition spree with an agreement to buy the packaging business of Edward McNeil Limited.

Macfarlane said the deal was consistent with its strategy to develop its packaging distribution business in the UK protective packaging market.

Edward McNeil is based in Glasgow and has traded for more than 50 years.

In the year to December 31, 2015, the business generated sales of £3.6 million.

Macfarlane said it will pay up to £1.8 million for the business from existing borrowing facilities.

Samuel Kingsley, managing director of Edward McNeil Limited, said: “I am delighted that our packaging business has been acquired by Macfarlane.

“The acquisition will create opportunities to develop the business in the coming years.”

Peter Atkinson, chief executive of Macfarlane said: “Edward NcNeil is a successful business with a high quality customer base who benefit from excellent customer service levels.

“The business has a good team, who will complement the Macfarlane packaging distribution business based in Linwood and strengthen Macfarlane’s presence in Scotland.”

In February, Macfarlane Group said its sales rose 10% in 2015 to £169.1 million and profit before tax soared 21% to £6.8 million as recent acquisitions and success in the expanding internet retail sector both helped the company’s bottom line.

Macfarlane said then it would continue looking for good companies to buy.