Jobs saved following sale of engineering firm

FINANCIAL support for the sale of engineering specialists Ridgeway Products has safeguarded the future and growth of the business.

Financial support from The Royal Bank of Scotland (RBS) enabled the sale of the Leeds-based firm to new owners Peter and Valerie Harpham. The sale paves the way for further job creation in the coming months.

The team at Ridgeway Products are specialised precision engineers and instrument makers. The business has a global customer network.

RBS has provided the new owners with a short-term support package to assist the cost of purchasing the leasehold business and its existing assets.  An undisclosed Enterprise Finance Guarantee Scheme (EFG) loan, as well as a secured loan, have been supplied by RBS.

Since completion of the sale, Ridgeway Products has also partnered with RBS Invoice Finance (RBSIF) to assist with working capital funding to support expansion plans and facilitate the purchase of new machinery.

Mr Harpham, managing director of Ridgeway Products, said: “Having worked in the industry for many years I was very keen to undertake the purchase of this business given its strong financial performance and future potential.

“RBS has been instrumental in facilitating our takeover of the company and the funding that they have provided has meant that we have been able to safeguard the businesses future and the livelihoods of its employees. We’ve had a flying start since taking over the business and are very excited with the further growth of the company and have plans to recruit an additional member of staff to the team with plans for further growth later in the year.”

Stephen Ebsworth, relationship manager at RBS added: “As a bank we fully recognised the potential that Peter and Valerie saw in Ridgeway Products Limited and were happy to provide funding to them.

“The business has a strong trading history and, along with the new owners’ experience in the industry we are confident that the short-term funding we have provided will help them to expand the organisation.”