Thornton nets increased bank facilities

British Thornton ESF and its parent company, British Thornton Direct, have negotiated increased facilities with the bank, including a new cash flow loan facility and an increase in the property loan originally granted to fund the company's premises.

The extra facility has allowed the existing directors Gary Wilks and Stuart Little to acquire the shares of fellow director David Jevons, who is retiring.

British Thornton is a designer, manufacturer and installation expert in furniture and fittings for education establishments and industrial research laboratories. It has become the largest independent manufacturer of school furniture in the UK.

Six years ago, the company expanded to a site in Keighley, which includes its headquarters and an 110,000 sq ft manufacturing complex.

The 3m investment in new premises plus a further 2m in machinery, has enabled the business to continue to grow and it now employs 170 staff.

The deal was arranged by David Whitehouse, corporate relationship manager for The Co-operative Bank. The bank was advised by Jonathan Simms of Leeds law firm Clarion.

The management team was represented by David Paterson of Blacks Solicitors in Leeds; and David Jevons was advised by Andrew Francey of Leeds and Sheffield solicitors Lupton Fawcett.

Mr Wilks, a director of British Thornton, said: "We have enjoyed a 14-year relationship with The Co-operative Bank, working closely with them since 1996 when we undertook a management buyout which was supported by the bank. It is good news that their continued backing means that my co-director and I can take the company forward and secure our strong position in this niche, growing market."

David Whitehouse, corporate relationship manager for The Co-operative Bank, said: "British Thornton is a long-established and solid Yorkshire business."