LDC backs MBO

LDC and Lloyds TSB Corporate Markets acquisition finance have backed the management buyout of Retford-based manufacturer Icon Polymer.

The firm was purchased for an undisclosed sum from retiring founder Richard Gogerty.

Icon Polymer develops, manufactures and supplies technical rubber products to a customer base that includes organisations in the aerospace, defence, transport and energy industries. The company claims it has a turnover of £20m and employs over 230 people at its manufacturing sites in Retford and Burton-on-Trent.

Managing director of Icon Polymer, Tim Pryce, who led the MBO along with financial director Shaun Flynn said: “This buyout will give the business a fresh injection of energy and enable us to make the most of the considerable growth opportunities presented by our increasing base of blue-chip multinational customers.”