Aldermore backing as Spring Ram looks to expand

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THE new owner of one-time Yorkshire stock market darling Spring Ram has teamed up with challenger bank Aldermore to support its growth ambitions.

HLD Group bought the jacuzzi, bath and sink company in a multi-million pound deal last year.

Spring Ram employs 220 people in Bradford and has a manufacturing plant with 90 staff in Malta, where HLD is based.

The industrial investor has appointed Aldermore to provide working capital to its acquisition.

Demis Ohandjanian, chief executive of HLD, said: “I am delighted to have the support of Aldermore as we continue to grow our business and employ more people at our Bradford office.”

Spring Ram sells products through DIY stores and trade outlets. One in five sales are to export markets.

Businessmen Bill Booney and Bob Murray co-founded the company in 1978.

By the late 1980s, it was making profits of more than £20m a year and was a favourite of investors and the financial press.

But the business ran into difficulties in the early 90s, leading to the suspension of its shares and a boardroom clear-out.

Jacuzzi Inc, part of US Industries, bought Spring Ram in 1999 for $129m.

The US group sold the business to HLD for an undisclosed sum in December.

HLD said at the time: “Working closely with management, we intend to continue the recent progress that has been made and transform the company into a global player via business development and suitable acquisitions.”

In May, the group acquired the trade and assets of Hull-based Reva Industries to strengthen its position in the kitchen and bathroom sector.

HLD is backed by a wealthy investor based in the North West of England. Its registered office is in Sliema, Malta.

Aldermore is a new British bank supported by private equity advisor Anacap and investors including Morgan Stanley, Goldman Sachs and Honeywell Capital Management.

Peter Raybould, associate director of Aldermore, said: “I would like to wish the team at Spring Ram every success for the future.

“We’re delighted to have played our part in helping the acquisition by HLD take place and look forward to working closely with them over the coming years.”