A Lampeter-based decking business has been acquired in a management buyout as it seeks to expand into the domestic homes market.
The deal, partly financed by a six figure loan from the Development Bank, sees sale manager Matthew Parsons acquiring the Deckrite from John Thomas and his so Barry who set up the business in 2010.
The company has traditionally provided high quality decking, fencing and balustrades for caravans. All products are made in the UK and are 100% recyclable.
Mr Parsons, joined as sales manager in 2014 and quickly grew the customer base, helping Deckrite to become a recommended supplier for Parkdean Resorts, Haven and Bourne Leisure in Mid and South Wales.
The business directly employs eight with regular sub-contractors.
Mr Parsons said: “Deckrite is a great business with an excellent team who all understand the importance of designing and installing products of the highest quality for our customers. I’m very proud to now have the opportunity to develop our services by also offering decking, fencing and balustrades for the domestic property market in Mid and South Wales.
“The funding from the development bank has helped us to complete the management buy-out and set us up for future growth - using our knowledge of the business and the market to realise our true potential as a team.”
John Thomas said: “Barry and I started the business but Matthew has been an integral part of the team, increasingly taking on responsibility for running the operation along with all aspects of customer service. As I approached retirement and Barry started getting more involved with other businesses, it made sense to work with Matthew to manage our exit in a way that protects the team and the quality that our customers have come to expect from Deckrite. For us, it gives us reassurance that the business is in safe hands and has an exciting future ahead.”
Clare Sullivan, regional manager for the Development Bank of Wales worked on the deal alongside investment executive Ashley Jones. Ms Sullivan said: “Deckrite is a well-established and respected family business that operates in a very specific market in Mid and South Wales yet there is good opportunity for growth. We’re pleased that our funding has enabled Matthew to take on the business and create a long-term sustainable future for the wider team.”
