A MANAGEMENT buy-out of an industrial strapping and load securing equipment firm has been backed by UK Steel Enterprise.
The deal for Reid Brothers has been led by managing director Danny Rooney with the business acquired from parent company Barnbury Enterprises.
UKSE has provided a six-figure funding package with Reid Brothers also looking to grow its operations.
The business, which employs five people at its premises in the Ibrox area of Glasgow and can trace its roots back to the 19th century, supplies equipment ranging from bands on packaging boxes to heavy duty steel lashings.
Clients include Travis Perkins, Stewart Milne Timber Systems and drinks giant Diageo.
Mr Rooney, 52, has worked at Reid Brothers for more than three decades, said: “Reid Brothers has a legacy in Scotland and when the opportunity arose to acquire the company, it was an easy decision for me to make.
"As a brand, we are well recognised within the industry as a specialised supplier, which our customers can rely on for expert advice and consistently high-quality, well performing products."
Mr Rooney is targeting a 50 per cent increase in turnover over the next five years and hopes to create a sales and marketing job later in 2015.
Speaking about the deal he said: “This was my first experience of financing a business and the support from UKSE has been invaluable. The team was available for advice throughout the deal, making the process extremely straight forward and providing peace of mind.”
Scott Webb, UKSE regional executive for Scotland, said: “Danny has grown with the company and knows the business and its customers inside out. We saw this as an excellent opportunity to invest in a long-established Scottish company with a loyal customer base, solid order book and a commitment to training and developing staff.”
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