By Liz White, ERJ staff
Littlehampton, UK-Rubber-to-metal bonding company Ferrabyrne Ltd has been bought out by a new management team for Â£3 million (Euro 4.4 million) and plans to expand sales into new geographic markets, the Littlehampton-based firm said in a company statement. Lloyds TSB Commercial Finance and Lloyds TSB Corporate provided Â£2 million of the funds for the deal.
The management buy-out at the Â£6-million turnover engineering firm was led by new managing director Glenn Mills, supported by Ken Horton, Hans Christian Iverson. Previous owners Andrew Byrne and Robert Slatter, who have both retired from the firm, also supported the deal and intend to stay on as consultants.
Ferrabyrne claims to have â€œa strong positionâ€ supplying parts for rail and road transport, and also makes components for wind turbine and the electrical industries. Key customers for the business-which employs 60 at its Littlehampton factory-include Bombardier in the UK, Germany and France, Alstom, Wabtec Rail, Hendrickson and London Underground.
Plans by the new management include, â€œextending the company's reach by exploring market opportunities in new geographical areas,â€ said the firm.
"We currently export to the US, Europe and the Far East and will now expand our operations using the asset-based lending facility provided by Lloyds TSB Commercial Finance-building on the success achieved by previous owners," said Mills, in Ferrabyrne's statement.