Metflex acquires premises in £2m deal
METFLEX Precision Mouldings, which makes rubber seals for gas meters, has bought its factory near Blackburn in a £2m deal.
The company has acquired the 37,000 sq ft base in Alan Ramsbottom Way in Great Harwood with support from Yorkshire Bank.
The site was purpose-built for Metflex in 2010 by a joint venture between Barnfield Construction and Hyndburn Borough Council.
Metflex was formed in 1919 in London as the Metropolitan Leather Company manufacturing leather diaphragms and gaskets for industrial use. The business moved to East Lancashire in 1940 when its London factory was destroyed in the war.
As well as rubber diaphragms and regulators for gas meters, which the company believes are fitted in more than 50 million homes across North America, the UK and Europe, the company also supplies specialist moulded products into other industries.
The firm employs around 80 people, rising to 110 with temporary staff during seasonal peaks. Around 70% of its revenues are generated from overseas sales.
Finance director Dermot McCarthy said: “Most people want the security of owning their own home, and businesses are no different. We’ve enjoyed our new home since we relocated in 2010 and felt that, following a strong period for our business, we wanted to invest in our bricks and mortar to provide us with a solid foundation from which to grow further. We also felt it important to commit the business to the East Lancashire community which is known across the world for its specialist manufacturing credentials.”
The deal was completed by Vince Bennett, commercial banking relationship manager at Yorkshire Bank’s Business and Private Banking Centre in Blackburn.
