Daventry- based firm Polymark, a manufacturer of heat transfer labels and badges, has undergone a management buyout.
The move, in which UK Managing Director Jim Clementson acquired the business from Ian Elliott, has seen Polymark’s holding company transfer from Paris to Daventry.
The firm has been trading for over 50 years and its products are commonly seen on industrial workwear for companies including Michelin Tyres, Audi and Ford. The company also supplies industry laundry equipment for rental laundries, automotive manufactures and catering businesses. Polymark generates a turnover of £5.5 million, employing 40 members of staff in the UK.
The transaction was supported with a funding package of £440,000 from HSBC’s Northants, Milton Keynes and North Beds commercial team. HSBC’s Senior International Commercial Manager Nick Broome worked in collaboration with colleagues from HSBC France on the deal.
Mr Clementson said: “This was a complex transaction and one which needed to be executed in a tight time frame. HSBC’s team was able to turn this around excellently and I have been extremely impressed with Nick and his team. We have exciting growth plans for the business both in the UK and overseas.”
Dave Welch, Director of HSBC’s commercial team, said: “As the economic recovery continues and the UK enteres a period of sustained growth, we are seeing more business owners looking for an exit, and I believe management buyouts will become more commonplace.
“With a well positioned and experienced management team, these buyouts can work well and that is why we were pleased to have supported Jim on this occasion.