(L-R) Stephen Senior, Robin Richards, John Daniels, Liam Brougham and David Brown
West and Senior Limited, the Radcliffe-based chemical manufacturer has formed an Employee Ownership Trust, thanks to a £1.25m term loan from Barclays.
The Employee Ownership Trust will allow the director, Stephen Senior, to reduce his stake in the local family-owned business, whilst allowing it to continue operating in much the same way; providing security and continuity to employees and a greater say in the company decisions.
Established in 1952, West and Senior Ltd is a privately owned Company with a workforce of over sixty. Main activities include the manufacture and supply of Pigment Dispersions and Additive Blends used in the Polymer, Rubber and Allied industries. These are supplied as liquids, pastes, single component powders or powder blends.
West and Senior supply a range of customers, from multinational corporations and household names to newly developing businesses. The business currently produces and supplies in excess of 3,200 tonnes per annum, mostly Pigment Dispersions. Operating from a manufacturing site in Radcliffe, Manchester, the business export upwards of 50% to markets outside of the United Kingdom with a turnover of £13 million per annum.
Stephen Senior, director of West and Senior Limited, said, “Barclays has played an integral role in the establishment of the Employee Ownership Trust. I would like to thank them for their patience, flexibility and enthusiastic support to get this transaction over the line. They have been able to structure a funding package that suits our long-term needs providing our dedicated workforce with security, continuity and greater say over the future direction of the business. We look forward to continuing the long-standing partnership we have established over the years with Barclays.”
Robin Richards, relationship director who led the deal for Barclays added: “West and Senior is a valued client who have banked with Barclays for many years and we are committed to supporting a smooth transition as Stephen prepares to retire from the business. This deal ensures the long-term future of the company is safeguarded, providing job security for the workforce and continuity for customers. With the workforce now owning a significant stake in the company and the growth plans currently in place, I look forward to seeing how far the business can grow over the coming years given the high regard West and Senior is held within this market.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement