A MANAGEMENT buy-out has saved more than 100 jobs at a Burnley company.
Learoyd Packaging Limited, based at Netherwood Road, has been acquired in a management buy-out from API Group plc for £1.5 million.
Learoyd, which employs 128 people, has been making losses and was not considered an important part of the business by API, a Macclesfield-based firm which owns Learoyd.
Recently-appointed managing director Allan Ferguson, who led the buy-out, said: "The team firmly believes there is a strong future for this business and for its employees. This confidence is based upon an ability, as a stand-alone business, to be in control of our own costs while, at the same time, seeking out more attractive business from our customers, both old and new."
Learoyd prints and manufactures flexible film products for the packaging industry. Its products can be found in most supermarket, pharmacy and clothing stores, and it also supplies products to security companies which deal with transporting cash.
Burnley MP Peter Pike welcomed news of the buy-out. He said: "This is very good news and will hopefully secure the future of the company and its employees."
Coun Peter Kenyon, Burnley council's executive member for best value and resources, said: "This is good news. It is always nice when jobs are saved. We hear too many instances of jobs being lost in Burnley and this makes a positive change."
The management team bought the company with the help of Barclays Bank and with support from finance firm PKF.
Legal backing came from Weightman Vizards.
Jonathan Shorrock of Weightman Vizards said he was confident the new company bosses would succeed. He said: "It is refreshing to work with a management buy-out team as clearly focused and as well directed as the Learoyd team."
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