The director of a company he has worked for since 2001 has become its new owner following a management buy-out.
Shane Clee (pictured on the left) has purchased the business from founder Geoffrey Jarman who first established the Welshpool-based business in 1978.
Using quality materials and traditional techniques, the company manufactures a range of precast concrete products for the dairy and agriculture industries including water troughs, feed troughs, slurry systems, portable cow stalls, gate posts and cattle foot baths.
The company has 24 agents throughout the UK and is now hoping to diversify the product range with the introduction of new lines including concrete wall panels for domestic and commercial garden use.
The deal for Forden Concrete Products was part financed with a £45,000 loan from the Development Bank of Wales.
Mr Clee said: “After 24 years with Forden, this is a great opportunity to take on the business myself and work with our close-knit team to continue doing what we love and know best.
“We’ve worked closely with Geoff to build the strong reputation that we have and now look forward to getting stuck-in with our plans for future growth but we wouldn’t be doing it without the help of the development Bank.
James Ryan (pictured with Mr Clee), investment executive with the Development Bank of Wales, said: “We are here to help businesses become established, grow and thrive. A core part of our remit is to support management teams who want to run their own business so we’re pleased to have been able to help Shane to become the new owner of Forden, particularly as it is a well-established business that employs local people. We wish the team every success.”
The loan for Forden Concrete Products came from the development bank’s £500m Wales Flexible Investment Fund, which is backed by its owner the Welsh Government. The fund provides loans, mezzanine finance, and equity investments from £25,000 up to £10m.