Pair who took the business plunge rewarded

WHEN a US corporation announced it was planning to sell the Yorkshire manufacturing firm they worked for, John Turner and Lawrence Butler decided that they were the best people to take it over.
John Turner of J&L Springlock Washers with Nat Wests Matt Boggan and Lawrence Butler of J&L Springlock Washers.John Turner of J&L Springlock Washers with Nat Wests Matt Boggan and Lawrence Butler of J&L Springlock Washers.
John Turner of J&L Springlock Washers with Nat Wests Matt Boggan and Lawrence Butler of J&L Springlock Washers.

Many workers believe that they could make a fair fist of running their own business, but fail to take the steps to make their dream a reality.

While many people would have simply waited for a new owner to arrive, Mr Turner and Mr Butler decided to dig deep and acquire it.

Their boldness is paying off.

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The Keighley-based company they bought – which is now known as J & L Springlock Washers – is set to hire more staff after smashing its growth targets.

Mr Turner, who has become J & L Springlock Washers’ chief executive and his business partner, Mr Butler, have been friends since childhood.

They have worked together in the metal washer manufacturing industry for 35 years.

In recent years, they had been employed at Ohio-based Freeway Corporation’s Springlock Washers operation in Keighley.

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In September 2012, they learned that the Springlock Washers division was to be sold off, so they decided to buy the company before a rival bidder could emerge.

In many respects, they were the natural choice.

Mr Turner and Mr Butler are skilled workers who have detailed knowledge of the machines and the global industry.

The biggest potential stumbling block could have been funding. Undaunted, they sat down and devised a business plan.

Mr Turner recalled: “We could see that it was viable and we put an offer to them.”

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Despite funding much of the buyout themselves, Mr Turner and Mr Butler required guidance, as well as extra financial support, to buy Springlock Washers’ existing stock and machinery.

Their finance adviser, Phil Bailey from accountancy group Armstrong Watson, worked closely with NatWest’s Keighley branch to fine-tune the business plan.

NatWest relationship manager Matthew Boggan secured funding which enabled the deal to go ahead. Mr Turner and Mr Lawrence took control of the business on February 1 – and the firm has got off to a flying start under its new owners.

Mr Turner said: “Both Lawrence and I had wanted to own our own business so this really opens up new opportunities for us – professionally and personally.”

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J & L Springlock Washers is the only spring washer manufacturer in the UK. Drawing steel in-house, the company manufactures standard sized washers.

It’s also flexible enough to produce specialised washers inside 48 hours.

The business has six full-time staff, who have plenty of experience of the washer manufacturing industry.

Mr Turner added: “In our first month of trade, we beat our monthly target by 40 per cent and achieved a £40,000 profit.

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“With orders coming in to take us to October, the future is bright for us.

“This quick success wouldn’t have been possible without the expert help we’ve received, and we look forward to continuing our relationship in the future.”

Mr Boggan added: “John and Lawrence know the industry inside out.

“They spotted the potential in the Springlock business and also the opportunity this would bring them to run their own business.”

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The company is already beating its financial targets and anticipates a year of growth. It is planning to take on more staff and expand into a number of new territories and create new product lines.

It’s anticipated that J & L Springlock Washers will achieve turnover of around £450,000 in its first year.

It’s hoped this figure will rise to £550,000 in the second year, and around £600,000 the year after.

Mr Turner said the company hoped to hire two more staff this year, and another two staff next year.

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Mr Turner and Mr Butler are proud of their hands-on approach, and aim to lead from the front, and by example.

“We don’t sit in an ivory tower,’’ said Mr Turner. “We’re out on the shop floor.

“We make people feel proud of where they’re working.”

The company has around 80 or 90 customers, and with help from Bradford Chamber of Commerce, the company is hoping to forge ties with new customers in Portugal and Spain.

It has also had enquiries from Poland and the Czech Repub- lic.

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Mr Turner believes that there is growing public awareness of the quality of UK manufacturing, following a period when competition started to emerge in places like China.

“Why bring them in from China, when you can buy on your doorstep?’’ he said.

A proud heritage

ALTHOUGH Keighley and its surrounding villages are probably best known for their links with the Bronte sisters, the area has a proud manufacturing heritage.

It has a number of small and medium-sized businesses who punch above their weight.

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J & L Springlock Washers, which has been established by friends and colleagues Lawrence Butler and John Turner, is a respected Keighley business which is winning customers around Europe.

The strength of the district’s manufacturing sector was reflected in Prime Minister David Cameron’s decision to speak to an audience of Yorkshire business people at the manufacturer Cinetic Landis in Cross Hills, near Keighley, last month.

During his speech, Mr Cameron promised to roll up his sleeves and fight for the country’s economic future.