Jobs safeguarded with manufacturer’s MBO
A manufacturer of forklift truck attachments and skips has secured the future of 15 jobs after it secured finance to fund a management buy-out.
Ridgeway Manufacturing, based on Cookley Wharf, Brierley Hill, secured funding from the Community Investment Enterprise Facility (CIEF) managed by BCRS Business Loans, and backed by the Recovery Loan Scheme (RLS).
Funding will enable Ridgeway Manufacturing to safeguard 15 jobs and recruit a sales manager and apprentice welder.
Long-serving company directors Melvyn Heath and Douglas Jones decided to take over the business when they were given the option to complete a management buy-out.
Established in 2001 and located at the heart of West Midlands, the business manufactures forklift truck attachments and skips together with bespoke steelwork fabrications.
Heath said: “BCRS were very helpful, and Louise worked closely with us at every stage of the loan application process.
“The funding will not only safeguard the future of 15 existing jobs but will enable us to move forward and implement our plans for growth.”
Jones added: “Both Melvyn and I have been part of the Ridgeway team for eight and ten years respectively and the majority of the workforce has an average service length of between five and six years, so it was important that we were able to complete the buy out to secure the future of our loyal workforce.”
Louise Armstrong, a senior business development manager at BCRS Business Loans, said: “We are so pleased to have delivered the funding that Ridgeway Manufacturing needs via the CIEF Loan Fund to secure the future of the business.
“As a lender that delivers funding for intentional social and economic impact, it is great news that additional jobs will be created by Ridgeway Manufacturing.”
