Radcliffe-based chemical manufacturer West & Senior Ltd has set up an Employee Ownership Trust after securing a £1.25 million term loan from Barclays.
This will allow director Stephen Senior to reduce his stake in the family-owned business; it also provides security and continuity to employees, who will have a greater say in company decisions.
Established in 1952, West & Senior Ltd has over 60 employees (
www.westsenior.co.uk).
Its main activities include the manufacture of pigment dispersions and additive blends used in the polymer, rubber and allied industries.
These are supplied as liquids, pastes, single-component powders or powder blends. Customers range from multi-national corporations and household names to new businesses.
The company currently supplies more than 3,200 tonnes per annum (mostly pigment dispersions) and exports over 50% of its output; it has a turnover of £13 million per annum.
Director Stephen Senior said: “Barclays has played an integral role in the establishment of the Employee Ownership Trust.
“They have been able to structure a funding package that suits our long-term needs while giving our workforce security, continuity and a greater say over the future direction of the business.”