Gardner takes control of Image Chemical Products
RBS backs the company founder in a £750,000 deal
Image Chemical Products has undergone a management buy-out (MBO) giving full control of the business to co-founder Mike Gardner.
RBS Invoice Finance and NatWest provided Gardner with a £750,000 funding package to complete the MBO and support the future growth of the business. The deal has also enabled co-founder Terry Butterfield to exit the business and retire.
Gardner and Butterfield set up Image, which manufactures cleaning products for the automotive industry, in 1985.
The company distributes to over 60 car cleaning and valeting products, ranging from shampoos and traffic film removers to all in all-in-one upholstery cleaners and deodorisers.
It sells its products via a network of 25 distributors who then sell on to garages, fleet owners, transport and car hire companies. Image operates from a 6,000 sq ft unit on Altham Business Park and employs 14 people.
Mike Gardner said: “This was an ideal opportunity to consolidate the company’s ownership and allows us to look at ways in which we can grow the business.
“We have a strong workforce that have been together for many years and I’m looking forward to working with them to develop the business in the future.”
© Crimson Business Ltd. 2008