Former machinist buys plastics firm
A former machine operator has led the management buy-out of the Chesterfield plastics firm where he has worked for 29 years.
Tony Bunting is the new managing director of Amber Plastics, which employs 40 at a factory in Sheepbridge.
He has been general manager since 2013 and has worked for the company since 1987.
He said: “I know Amber Plastics is a strong position. It is successful and profitable. Through the funding we have in place with RBS together with the team of advisers at Mitchells, the business is now committed to growing production to pre-2008 levels and significantly increasing the workforce over the next three years.”
Established in 1978, Amber Plastics is one of Europe’s leading rotational moulders and is based on Broombank Road, Chesterfield Industrial Estate.
Tony Bunting bought the business for an undisclosed sum from Derrick Round who will continue to work in a consultative role. Funding came from RBS Invoice Finance and Royal Bank of Scotland and was overseen by Chesterfield-based Mitchells Chartered Accountants and Business Advisers and BRM Solicitors.
Tim Leeman, partner at Mitchells, said: “As Tony has been effectively running the business for three years he was the perfect purchaser. Together we were able to provide detailed information to enable RBS Invoice Finance to make a funding decision. It has been a seamless change of ownership and sees the business remain owner-managed.
“It is particularly pleasing that the MBO has been wholly managed by Chesterfield-based organisations.”