Manchester-based steel manufacturer, Thomas Storey Fabrications has rescued more than 100 jobs as a result of a new funding package.
Thomas Storey produces high-quality steel fabricated products for British companies the likes of JCB, Dennis Eagle, and Urenco.
The firm was bought out of administration in December last year and is now led by David Houghton, who purchased the company with the support of a facility from Aldermore in excess of £2m.
Thomas Storey employs 110 people in Manchesterm and the new management team has ambitions to grow the company organically, alongside merger and acquisition activity in the years ahead.
Houghton, the new chairman, is confident about the company’s future, and commented: “Thomas Storey is a robust business with a skilled and dedicated team of employees; we are thrilled to have been able to keep the entire team in place through the acquisition.
He continued: “The manufacturing industry in the North West is fiercely competitive at the moment and we’re well placed to support its growth.
“In the past too many Northern manufacturers have failed to receive the attention they deserve, but I’m hopeful that efforts to realise the Northern Powerhouse and the improving local economy will rectify this and enable businesses here to reach their potential.”
Carl Finlayson, Invoice Finance senior regional sales manager at Aldermore, facilitated this deal and added: “Thomas Storey exemplifies the potential of the North West’s manufacturing industry.
“Many fears have been raised about the future of the UK steel industry, so Thomas Storey provides some timely good news.
“There are a large number of SMEs out there who are really well-positioned to make the most of the improving economy across the UK. By supporting Thomas Storey, we hope we are able to help the company meet its potential and at the same time provide a boost to the economy in the North West of England.”