Amber Plastics MBO secures 40 jobs

Amber Plastics MBO secures 40 jobs

Chesterfield based manufacturer Amber Plastics has announced the completion of a Management Buy Out led by Tony Bunting, which has secured 40 jobs at the Sheepbridge manufacturing facility.

Located on Broombank Road on Chesterfield Industrial Estate the business employs 40 staff.

Tony has purchased the business from Derrick Round who will continue to work with the business in a consultative role.

Amber Plastics has enjoyed significant growth in recent years, securing contracts in the domestic and overseas motorhome, health and construction markets. Tony is focused on driving growth further and has put in place a three-year plan which will see staff numbers increase by more than 25%.

A team of Chesterfield-based advisors and funders have supported the deal. Funding to support the deal has been provided by RBS Invoice Finance and Royal Bank of Scotland and was overseen by Chesterfield-based Mitchells Chartered Accountants and Business Advisers and BRM Solicitors.

Tony Bunting, managing director of Amber Plastics, said: “I am delighted that we have been able to secure all jobs within the company as part of the purchase. Having managed the business on the ground since 2013 as general manager, as well as worked alongside many of the team over the last 29 years, I know Amber Plastics is a strong proposition. It is both successful and profitable.

“Through the funding we have in place with RBS together with the team of advisers at Mitchells, the business is now committed to growing production to pre-2008 levels and significantly increasing the workforce over the next three years.”

Kevin Burrows of RBS Invoice Finance said: “We are delighted to support Tony with the successful completion of the MBO and support a local business. He is committed to continuing the firm’s success and building the reputation of Amber Plastics across the UK. The working capital facility in place has reduced the need for additional debt funding and provided a flexible facility that will support his future growth plans.”

Tim Leeman, partner at Mitchells Accountants and Business Advisers, said: “As Tony has been effectively running the business for three years he was the perfect purchaser. Together we were able to provide detailed information to enable RBS Invoice Finance to make a funding decision. It has been a seamless change of ownership and one that sees the business remaining owner-managed.”