Skipton Business Finance has helped a management duo complete a buyout of a ceramics firm, safeguarding 50 jobs in the process.
The new company, called Silverdale Bathrooms, will continue to be run by its current production team.
And directors say even more jobs are likely to be created in customer services and via increased sink production.
Silverdale Bathrooms will continue to manufacture ceramics products for Bradford-based Jacuzzi under licence. The purchase also included the luxury BC Sanitan brand, which will continue to be made at the Silverdale Road factory and will now be ordered and supplied directly through Silverdale Bathrooms.
Mark Prince, the former Jacuzzi UK managing director who led the buyout along with former marketing director Dave Tutton, said: "I am delighted that we have been successful in securing the future of this ceramic factory with its long tradition of hand-crafted ceramic pieces."
Mr Prince said the buyout will allow the Jacuzzi group to focus on its core hydrotherapy products such as whirlpool baths and hot tubs, and the newly-created Silverdale Bathrooms to focus on ceramics.
The factory has been making high-end ceramic bathroom products for almost 30 years for export all over the world. It once employed more than 100 people but in 2008 Jacuzzi UK announced plans to transfer its distribution, warehousing, design, customer service and administration operations to its base in Bradford.
New jobs in customer services and administration have now been created at Silverdale Bathrooms, and the firm is planning to diversify into kitchen sink production over the next 12 months too.
Mr Prince said: "We are delighted to see the return of some of our very experienced customer service colleagues. Our core ethos will be to produce "world best" British ceramic products. It's a great project to be both leading and supporting and we are all very excited about our future."
SBF's Corporate Manager, Richard Leathley, said of the successful buyout, "We were delighted to assist the management team at Silverdale with a revolving invoice discounting facility and terms loan against the plant and machinery." "Time scales were extremely tight and I’m delighted that all parties involved were able to demonstrate their willingness to get the transaction to completion by working together brilliantly."
Skipton Business Finance is a pioneer in understanding the future potential of our clients and we have enjoyed great success working with UK businesses that, when given access to additional working capital, go on to flourish and reach their true potential.