Leeds-based Cattles Invoice Finance has provided funding to enable the management buy-out (MBO) at W & P Forging Ltd in Hull.
W & P Forging Ltd, previously known as Whittingham & Porter Ltd, serves customers in specialist markets including manufacture of off-highway vehicles, motor racing and petrochemical valves, has been serving businesses in and around Hull since 1881. Pete Waterman and Trevor Harrison, previously managing director and works director respectively at Whittingham & Porter Ltd formed the MBO team.
Managing director, Pete Waterman, commented: "Whittingham & Porter Ltd went into administration on 6 May this year.
"However the company has a very loyal supplier base and many established clients. I saw that there was a very real opportunity to take the business forward. We needed a funder to support the company during the administration, in order to give us time to put the MBO together, and this is where Cattles came in...
