Thu, 22 Aug 2013 | BUSINESS SALE
Precision engineering firm Ridgeway Products has been successfully sold on to new owners Peter and Valerie Harpham.
The deal, enabled by funding from RBS, has secured the jobs of the existing staff at the Leeds-based operation, with additional job creations expected in the coming months.
RBS gave the new owners an Enterprise Finance Guarantee Scheme loan to help cover the costs of buying the business, its leasehold and assets.
Ridgeway Products offers specialist precision engineering and instrument making to its network of customers across the globe.
With the transaction completed, the business has connected with RBS Invoice Finance (RBSIF) to help with the funding needed to bring expansion plans to fruition and buy new machinery.
Mr Harpham, managing director of Ridgeway Products, commented: “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.”
Stephen Ebsworth, relationship manager at RBS, added: “As a bank we fully recognise the potential that Peter and Valerie saw in Ridgeway Products Limited and were happy to provide funding for 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.”
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