A BIG Colchester company is on the move – but to premises less than a mile away.

Albea, which was formerly known as Betts, announced plans to move from its base in Ipswich Road in 2008.

Concerns were raised the company, which employs about 180 people, could leave the town.

But the company now says it is moving to the former Benham Goodhead Print premises on Severalls industrial estate.

The move will take place over the next 12 months and it is spending more than £2million to fit out the new premises.

The company, which manufactures laminate tubes and other plastic products, was bought by leading multi-national company Albea earlier this year.

Allan Lock, Albea’s general manager, said he was “pleased and relieved” new premises had been found in Colchester.

He said the company had only been using about 100,000 sq ft of its current vast site for manufacturing with a further 20,000 sq ft of office space, but the operation had been carried out in five buildings. The new site is made up of two buildings totalling 115,000 sq ft of industrial and warehouse space.

It is Colchester’s biggest industrial letting for more than five years.

Mr Lock said: “It is almost identical in terms of the size we use but will be a much better layout in two buildings.

“It has been quite difficult finding something appropriate in the Colchester area.

“Colchester tends to cater more for small businesses and there was more around Ipswich, Braintree and Chelmsford.

“But it is important for us to stay in Colchester. We have a skilled workforce and we have invested a lot of money in training people.

“We have been through difficult times but the people who are still with us are good people.

“I have been with the company for more than 18 years and I am pleased and relieved we have moved to a new site in Colchester without having to make anyone redundant.”