A Halifax-based bathroom product manufacturer has been given a multi-million pound investment from the Business Growth Fund (BGF).
Ultra Finishing Ltd design, produce and distribute bathroom furniture, shower trays and shower valves from its head office and manufacturing site on Gibbet Street having previously been based in Burnley where it was established in 1981.
The funding will be used to support production of new products and target new opportunities overseas.
The investment has also seen Ultra Finishing Ltd move away from its umbrella organisation the Ultra Finishing Group to become an independent company.
Halifax man Tony Wood, owner and founder of Niko Distribution which is part of Ultra Finishing Ltd, is now the majority shareholder, with BGF a minority shareholder.
Following an introduction made by BGF, Alan White has been appointed as a non-executive chairman. Alan has held non-executive roles at Topps Tiles, JD Sports, TM Lewin
Founded in 1981, Ultra Finishing is the largest independent supplier of bathrooms in the UK, generating a £60m turnover in 2016 and employing more than 350 people.
Dave Cullen, CEO of Ultra Finishing, said: “After a strong 2016, we are in a good position to accelerate our growth plans for Ultra Finishing, and expand our international presence.
“The business has built significant scale over the past 30 years, and I would like to thank Stephen Heys and the wider team for their efforts in helping the business to get where it is today. We are looking forward to the next stage of growth with BGF as our long term minority partner.”