MBO at pioneering steam cleaning business
THE businessman who founded the UK’s only manufacturer of steam cleaning machines has completed a buy-out of the company with funding from Lancashire County Council’s Rosebud Finance.
The deal has allowed Bob Pownall and his family to take full control of Matrix Cleaning Systems by acquiring the shares held by two of the original investors, Peter Grange and George Blenkinship.
The value of the deal was not disclosed.
Mr Pownall, his daughter Natalie and son Gavin, now plan to grow the company, which has 12 staff in Leyland, and take on a further 12 people over the next three years.
He established Matrix in 2001 as Steam Clean UK, a supplier of equipment to remove chewing gum from high streets, and started to manufacture its own steam cleaning machines several years later. It now manufactures a range of 18 machines which are used in hospitals, schools, shopping centres, restaurants and office buildings.
Mr Pownall said: “The Rosebud funding has removed any uncertainty over the future by bringing full ownership within the family. This ensures we can continue manufacturing in Lancashire and press ahead with our plans to target the US and other overseas markets.”
Rosebud is a finance package supporting Lancashire firms to grow and expand their business. It is managed by Enterprise Ventures on behalf of Lancashire County Developments Ltd (LCDL) – the county council’s economic development company.
Peter Rooney of Enterprise Ventures said: “Steam cleaning offers advantages over traditional cleaning methods, such as reduced water and detergent use and its ability to kill bacteria. There is a worldwide market for steam cleaning equipment. As the only manufacturer outside of Italy, Matrix is well placed to step up its export trade.”
