Tue, 13 Jan 2015 | MBO/MBI
A Leyland-based steam cleaning business has been purchased in an MBO by the businessman who founded it.
Matrix Cleaning Systems, the only manufacturer of steam cleaning machines in the UK, has been bought by founder Bob Pownall and his family in a buy-out funded by Lancashire County Council’s Rosebud Finance. The moved has allowed Mr Pownall to take full control of the firm after he snapped up the shares owned by original investors, Peter Grange and George Blenkinship. The amount paid for the shares has not been revealed.
The business plans to expand its members of staff from 12 to 24 and will now be overseen by Mr Pownall, his son Gavin and his daughter Natalie.
The family set up Matrix in 2001, at which point it traded under the name Steam Clean UK, and made equipment to remove chewing gum from high streets. It later changed its name and began manufacturing a range of 18 steam cleaning machines, which are used in offices, schools, hospital and shopping centres across the UK.
Mr Pownall said: “The Rosebud funding has removed any uncertainty over the future by bringing full ownership within the family. This ensures we can continue manufacturing in Lancashire and press ahead with our plans to target the US and other overseas markets.”
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