Leicestershire manufacturer transfers to employee ownership
Reabrook, the Moira firm which manufactures private label chemicals has transfered to an employee ownership company.
The firm is also celebrating 50 years of business and the opening of its factory extension with a new aerosol line .
Joint managing director of Reabrook, Tony Brealey, said: “We firmly believe that empowered and engaged employees, who care deeply about the products they make, are vital to a company’s ongoing success. Employee Ownership is the perfect way to reward our loyal staff and to secure the long-term future of the Moira site.”
According to the Employee Ownership Association, the number of employee-owned businesses in the UK is currently growing at an annual rate of 10%.
The company started in 1968 as Arrow Chemicals, based in Swadlincote, supplying a range of liquid products for the industrial market. The business has grown over the years to fill products into aerosols and tubes as well as conventional liquid packaging; supplying a wide range of markets from oil, gas and automotive through to haircare and toiletries.
Funding from HSBC UK has provided the finance to purchase the new £1.3m aerosol production line and also a £1m loan to enable the transition to employee ownership to take place.
Roger Pratt, HSBC’s area director in East Midlands, said: “HSBC UK is innovating to meet evolving customer expectations and needs. Reabrook is on an exciting journey at the moment and we wanted to support the business as it looks to fulfil its growth ambitions and the successful integration of its new employee owned trust. We wish everyone at the business the best of luck as they celebrate Reabrook’s 50th birthday.”