Leicestershire-based Reabrook Ltd, the formulator, manufacturer and contract filler of aerosol and liquid products for private label customers, has celebrated three landmark achievements at its site in Moira.
It celebrated 50 years of business, the opening of its factory extension with brand-new aerosol line and its transfer to Employee Ownership.
Joint Managing Director of Reabrook, Tony Brealey said: “We firmly believe that empowered and engaged employees, who care deeply about the products they make, are vital to a company’s ongoing success. Employee Ownership is the perfect way to reward our loyal staff and to secure the long-term future of the Moira site.”
Malcolm Watkins, Joint Managing Director explained that employee ownership was in harmony with Reabrook’s core philosophies about how business should be managed; encouraging and building a workforce that takes pride in what it does and is responsive to its customers’ needs.
According to the Employee Ownership Association, the number of employee-owned businesses in the UK is currently growing at an annual rate of 10%. The benefits of giving employees a greater voice is a key part of the government’s recommendations for improved corporate governance.
Reabrook is aiming to double its business over the next five years.
Investment in a larger aerosol manufacturing facility and new filling line is essential to achieve this growth. Strong support from HSBC UK has provided the finance to purchase the new £1.3m aerosol production line and also a £1m loan to enable the transition to employee ownership to take place.
Roger Pratt, HSBC’s Area Director in East Midlands, said: “HSBC UK is innovating to meet evolving customer expectations and needs. Reabrook is on an exciting journey at the moment and we wanted to support the business as it looks to fulfil its growth ambitions and the successful integration of its new employee owned trust. We wish everyone at the business the best of luck as they celebrate Reabrook’s 50th birthday.”
Last year Reabrook landed a £5.5m invoice finance facility from HSBC to fund global expansion plans.