A £400,000 cash boost has helped secure 37 jobs and helped pave the way for expansion at a rubber firm.

The venture capital fund, set up by United Utilities, has backed a management buy-in of Dale Polymers, of Huncoat.

The buy-in team was led by David Baker, former chief executive of a division of Manchester-based multi-national chemical group BTP plc. He will take over the business from current owner Roger Haworth, who will remain as a consultant until he retires in 2001. The firm now hopes to use the money to grow its existing business and acquire other firms in the industry.

"As rubber technology develops, new markets will open up and the company will be capable of manufacturing a much wider range of products," said Darren Gowling, investment manager at the United Utilities Venture Fund.

"Dale Polymers will expand and be at the forefront of new technology."

Dale Polymers began in 1975 and is based at Huncoat Business Park, in Accrington. It manufactures rubber products including moulding and extrusion used in car parts, footwear and protective clothing.

The United Utilities fund has invested in 17 firms in the North West since it was launched in 1997. It is backed by cash from Lancashire County Council's pension fund.

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