Tue, 10 Aug 2010 | MBO/MBI
The British arm of German company Geka Manufacturing has been rescued in a management buyout deal after plans were revealed to move the operations abroad.
Former managing director Raymond Oliver who led the buyout has effectively saved over 100 jobs at the North East factory.
The make-up brushes and applicator manufacturer had announced its intention to move the UK operations from County Durham to Germany.
Mr Oliver explained, “Our factory was operating profitably, with a dedicated workforce behind it but our parent company wanted to consolidate its operations into one factory in Germany.”
“This made the decision for a management buyout a good option. In the present economic and political climate the business plan was a complex exercise. We had to continually amend and in the last few weeks had to alter the plan due to the current uncertainty in the external environment.”
The buyout had been complicated by the coalition Government’s ban on loans and grants to businesses in financial distress. Grants that do not involve financial support beyond March 2011 have been given the go-ahead, however.
The £10m turnover UK division is to be renamed SONE Products Ltd on completion of the deal.
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