A £45,000 loan from the Development Bank of Wales has been used to part-fund the management buy-out of Welshpool-based Forden Concrete Products Limited.
Director Shane Clee has purchased the business from founder Geoffrey Jarman who first established the precast concreting company in 1978. Shane joined Forden in 2001.
With high quality materials and traditional techniques, Forden manufactures a range of precast concrete products for the dairy and agriculture industries including water troughs, feed troughs, slurry systems, portable cow stalls, gate posts and cattle foot baths. The company has 24 agents throughout the UK and is now hoping to diversify the product range with the introduction of new lines including concrete wall panels for domestic and commercial garden use.
Director Shane Clee said: “After 24 years with Forden, this is a great opportunity to take on the business myself and work with our close-knit team to continue doing what we love and know best. We’ve worked closely with Geoff to build the strong reputation that we have and now look forward to getting stuck-in with our plans for future growth but we wouldn’t be doing it without the help of the Development Bank. From start to finish, they have been brilliant and I’m very grateful for their support, advice and reassurance throughout the process.”
James Ryan is an Investment Executive with the Development Bank. He said: “We are here to help businesses become established, grow and thrive. A core part of our remit is to support management teams who want to run their own business so we’re pleased to have been able to help Shane to become the new owner of Forden, particularly as it is a well-established business that employs local people. We wish the team every success.”
The loan for Forden Concrete Products Limited came from the £500 million Wales Flexible Investment Fund that is financed by the Welsh Government and Development Bank of Wales. Loans, mezzanine finance, and equity investments are available for businesses based in Wales from £25,000 to £10 million.
