Strix is an Isle of Man company that makes the safety controls inside kettles and, increasingly, water filters. In January 2026 it sold its Australian water business Billi for £110m, repaid all its bank debt and moved to net cash of £38.7m. But its core Controls division lost nearly a quarter of its sales over the past year, and a new CEO started in July 2026.
The part inside the kettle, and a growing water business
Strix was founded in 1982 and makes safety controls for kettles and other small domestic appliances. By October 2024 it had made 3 billion of them and served more than 100 countries. Most Controls sales go to Chinese appliance makers (OEMs) that build for global brands. The division earned £52.9m in the 12 months to March 2026.
The Consumer Goods division makes water filters, including bespoke filters for OEM customers, and sells the LAICA and Aqua Optima brands. LAICA was established in Italy in 1974. The division also builds appliances in China for a leading global baby brand and earned £34.4m over the same 12 months. Billi, which makes boiling-water systems, was the third division until the January 2026 sale. 4 Aug 2026 15 Oct 2024 18 Jul 2024 30 Apr 2025
Billi bought with debt, then a rebase
Strix bought Billi in November 2022 for about £38m. In 2023 revenue jumped 35% to £144.6m, mostly because of Billi. Profit before tax was flat at £21.9m, as interest costs rose. Net debt stood at £83.7m.
In March 2024 the company paused dividends for 2024 to cut debt. It planned to return to paying 30% of adjusted profit after tax in 2025. The later reports speak of tender and buyback returns, not dividends. It also began a 'rebasing'. HaloSource, a loss-making filtration unit, was sold for a nominal sum in November 2024. Press production moved from the Ramsey factory on the Isle of Man to China. Consumer Goods cut product lines and headcount.
In June 2024 it raised £8.7m by placing 5% of its shares at 80p. Net debt fell £20m to £63.7m by the end of 2024. The shares still dropped from 84p in August 2024 to 48p in December, as kettle-control demand weakened in the UK and Germany. 27 Mar 2024 11 Jun 2024 18 Sep 2024 30 Apr 2025 27 Nov 2024
Tariffs hit Controls and debt crept back up
In 2025 US tariffs cut OEM orders and the US dollar weakened. Chinese rivals also pushed harder, particularly in products for the US market. Controls revenue fell 24% in the first half of 2025. Group net debt rose to £68.8m, and leverage (net debt against earnings) reached 2.21x. The company put its refinancing on hold. Its bank facilities were due to mature in October 2026.
Management had set a leverage target of 1.5x by the end of 2025, first stated in January 2024. In September 2025 it replaced this with a 1.0-2.0x range to be reached within 12-18 months. In November 2025 it set c.1.5x within 12-18 months. Leverage reached 2.5x that month, and the CEO's departure was announced. The shares fell to 33.5p in October 2025. 30 Sep 2025 26 Nov 2025 30 Jul 2025 27 Oct 2023 25 Jan 2024 20 Jun 2024
“Reducing the debt position within the stated appetite of 1.0-2.0x as soon as possible will be of critical focus to the Board over the next 12-18 months, whilst also managing and minimising the impact of global volatility in the short term.” 30 Sep 2025
Selling Billi to clear the debt
In December 2025 Strix agreed to sell Billi to Crescent Capital Partners at an enterprise value of £110m, about three times what it paid. The sale closed in January 2026 and raised £102m net of cash disposed. The shares rose from 34p in November to 47p in December.
The proceeds repaid the bank debt in full. A £25m credit line remains undrawn. Annual net interest is expected to fall below £1m, from about £7.5m in 2025.
Strix then returned cash. A £10m tender offer at 43p was approved by 99.4% of votes cast in April 2026. It bought back 10.1% of the shares. A separate £10m buyback was paused in July 2026 after about £3.7m was spent. The company has said a full capital allocation framework will follow. 19 Dec 2025 30 Jan 2026 9 Apr 2026 5 May 2026 9 Jul 2026 4 Aug 2026
Debt left little room when Controls slipped
The Billi purchase raised revenue and added growth, which management said was double-digit. It also left Strix with heavy borrowing just as its largest and most profitable division weakened. The leverage target was reset repeatedly. The board's own words show the sale was the route it chose to end reliance on debt.
The price was a smaller group. Total adjusted profit before tax fell from £18.0m in 2024 to £10.1m for the 15 months to March 2026, and that period included Billi's contribution until January. 19 Dec 2025 30 Sep 2025 4 Aug 2026 11 Jun 2024
“the Board believes that the Disposal represents the optimal path to bring the Group back into a net cash position and remove reliance on debt funding.” 19 Dec 2025
A new CEO after almost two decades
Mark Bartlett joined Strix in 2006 and was CEO from 2015. He stepped down by mutual agreement on 29 May 2026. Andy Rainforth, who has over 30 years of experience leading international product and technology businesses, became CEO on 13 July 2026. The chairman is Gary Lamb and the CFO is Clare Foster, who joined in February 2024.
Rachel Pallett, who ran commercial work for Controls and Billi, joined the board in July 2025 and left in early 2026 to become CEO of Billi. Large holders have shifted. Víctor Urrutia Vallejo rose above 10% in 2024, and Kambiz Nourbakhsh reached 8.3% by May 2026. Octopus fell from 8% to 3% in December 2025. 4 Aug 2026 11 Jun 2026 17 Feb 2026 10 Jul 2025 2 Apr 2024 17 Jun 2024 18 May 2026 23 Dec 2025
Net cash, a thinner Controls business, and a factory closing
For the 15 months to March 2026, the first period after the year-end change, revenue was £153.2m, and adjusted profit before tax was £10.1m, inside guidance. The Group moved to a March year-end to match seasonal demand. Controls sales were down 23.8% in the final 12 months, due to the weak macro environment and more competition. Consumer Goods grew 12%, helped by bespoke filters, appliances and a new patent-pending filter range aimed at PFAS 'forever chemicals'.
A cost programme announced in March 2026 aimed for gross annualised savings of c.£2m over 18 months. It includes closing the Ramsey factory and the small US operation. The Isle of Man keeps the head office and R&D. Management now says savings will beat the target. The shares ended August 2026 at 35p, below the 43p tender price. 4 Aug 2026 9 Mar 2026 7 May 2026
Stabilising volumes, thinner margins, a plan still to come
Management says Controls volumes are stabilising against 2025 and that new Low-Cost and Next Generation controls are winning projects. It also warns that competition and pricing pressure will continue. Lower-priced products will cut average selling prices and squeeze divisional margins. High copper and silver prices are partly offset by a surcharge programme.
Consumer Goods is shifting towards higher-margin routes to market, with more investment in filtration. The company has given no financial targets beyond the savings. Rainforth is reassessing the commercial strategy. A Capital Markets Day later in FY27 is due to set out a medium-term strategy and the capital allocation framework. 4 Aug 2026 9 Jul 2026
“Whilst the external environment remains challenging, particularly given ongoing geopolitical uncertainty and pressures across consumer markets, Strix has entered FY27 with positive momentum.” 4 Aug 2026
Written by AI from Strix Group's own announcements since Oct 2023 · every paragraph links to its sources