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|Over 100 jobs saved as North West manufacturer given boost by Aldermore|
|Monday, 11 January 2016|
Manchester-based steel manufacturer Thomas Storey Fabrications has a bright new future thanks to new funding from Aldermore. Thomas Storey supports the UK manufacturing industry by producing high-quality steel fabricated products for British companies including JCB, Dennis Eagle and Urenco.
On 23rd December 2015, Thomas Storey was bought out of administration and is now led by David Houghton who purchased the company with the support of a facility from Aldermore in excess of £2 million.
Thomas Storey employs 110 people in Manchester and the new management team has ambitions to grow the company organically and through merger and acquisition activity in the years ahead.
David Houghton, the new Chairman of Thomas Storey Fabrications Group, is confident about the company’s future, and said: “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. Aldermore worked tirelessly to deliver heavily tailored and flexible funding to make sure the deal was completed quickly meaning our staff could enjoy Christmas confident about the company’s future.
“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.”
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