Victor Manufacturing is now under new ownership following a management buyout by long-standing MD Phil Williams.
He has been with the company for almost 20 years, and took the decision to take over the business when the Mrs J M Mountain Will Trust opted to sell the manufacturing firm.
Victor Manufacturing has seen rapid growth over the last 5 years with turnover increasing from £5m to £9m. Following the takeover, Williams has ambitious growth plans to continue this success with a clear strategic goal over the next 5 years aimed at growing annual revenues to £20m.
He said: “It is a really exciting time for Victor as we enter new markets and continue to grow our existing ones. Having been part of the company for almost 20 years, I am looking forward to working with the team to continue the great work we have become renowned for over the last 75 years.
“The new ownership will provide peace of mind to our staff, customers and suppliers that it is business as usual and with my new commitment as owner as well as MD, they can be confident in a very strong future ahead.”
Significant new accounts over the last 12 months, along with being appointed the exclusive UK partner of US manufacturer, Duke, has had a positive impact on the company’s continued year-on-year growth.
This, combined with opportunities in the retail sector, should aid the manufacturer to achieve its ambitious growth plans over the next 5 years.
Celebrating its 75th anniversary in October 2019, Victor Manufacturing specialises in the manufacture and supply of foodservice equipment to some of the UK’s largest companies and groups in a variety of sectors including education, care, public sector, hospitality, contract catering and retail. The firm employs 120 staff over three facilities in Bradford.
The deal was advised by the corporate finance team at Yorkshire accountants and business advisers, Garbutt + Elliott, led by partner, Richard Feltham; legal advice was provided by corporate partner Paul Johnson from the Leeds office of national law firm, Mills & Reeve; and financial funding was secured from HSBC UK to support the management buyout.