All jobs have been saved at Hartlepool door manufacturer Bridgman IBC Ltd following a management buyout from administrative receivers.
Four key managers have bought the company for an undisclosed sum after some two-and-a-half months in receivership, securing 65 jobs at the Longhill Industrial Estate factory.
The firm’s future was jeopardised despite a healthy order book when its parent company Brand Holding Group was placed into administrative receivership. Seventeen staff were made redundant by receivers.
Bridgman IBC, which manufactures commercial fire doors for the construction trade and public sector, has seen its output drop by 50% in the past two months, as contractors have been unable to place orders with a company in receivership. At peak production the company turned over more than £6m.
The management team comprises Mick Butler, managing director, Tony Phillips, sales director, Peter Bowes, operations director and Neil Scott, purchasing director. They funded the deal through private investment, with help from the Royal Bank of Scotland.
Mr Butler said he was confident of refilling the order book quickly and reaching full production again within six months.
He said: “We are very much looking forward to re-contacting our suppliers and customers to advise them of the new ownership, and to renew the contracts we know were frozen while we were in receivership.”
Other Brand subsidiaries Architectural Panel Products of Norfolk and Dale Joinery‘s window divsion at Lichfield were both saved in takeover deals, while Dale’s main Rochdale operation is being wound up with the loss of all jobs.
