Castors firm on a roll
AN Altrincham-based company which supplies industrial castors and wheels has bought rival firm Manner UK with a loan from Barclays provided under the new National Loan Guarantee Scheme.
H Varley has been trading since 1938 and has branches at Birmingham, Watford and at Belshill in Scotland.
Manner (UK) was started in 1993 to supply castors and wheels made by Finnish firm Oy Mannerin Konepaja Ab to the UK market. It is based at Dursley in Gloucestershire.
The loan provided by Barclays allows Varley to gain the full benefit of the National Loan Guarantee Scheme immediately in the form of an upfront cash back payment. This will be calculates as a 1% discount on the price of the loan over a five-year period.
Timothy Batten, joint managing director at H Varley, said: “I am delighted to announce the acquisition of Manner (UK) . Its addition is strategically important and complementary to our existing business as we drive future growth. The 1% discount through the Barclays cash back scheme is going to help us even further.”
Dermot Rainsford, senior business manager at Barclays in Manchester, said: “By giving our customers the full benefit of the NLGS on day one, they receive a lump sum of cash which they can put to use immediately to grow their business. We think this is more useful than drip feeding the value over the lifetime of a loan.”
