Reid Brothers UK has been a trusted UK and worldwide exporter of strapping, banding and load securing systems since 1868. Reid Brothers was the Glasgow branch for parent company, Barnbury Enterprises Ltd, who purchased the company from Robin Reid in 1988. Early in 2015 the Managing Director of Barnbury indicated plans to relocate the Glasgow operation to their main depot in England. Danny Rooney – the managing director of Reid Brothers in Glasgow felt this would be damaging to their reputation, potentially causing the business to lose both its identity and control of the level of service standards they had up kept over the years. As a result, Danny Rooney’s Business Adviser suggested he apply for the Glasgow Business Transfer Loan (GBTLF) Fund in order to assist the company.
The GBTLF is designed to support and encourage entrepreneurs, as well as business owners, to consider taking over existing businesses trading as viable going concerns.
Danny Rooney was awarded £100,000 loan through GBTLF and £50,000 through the West of Scotland Loan Fund to complete the purchase.
He worked closely with Glasgow City Council advisers and both funds were put in place before the deadline date to enable him to complete the purchase on time with no complications.
Subsequently, since the deal was approved, Danny has continued to work closely with our Business Advisers, he recruited two graduates though Glasgow City Council’s Glasgow Guarantee programme, has moved towards client management through the Scottish Enterprise pipeline, and the company has met and exceeded first year financial projections.
As a result of being awarded the GBTLF, Reid Brothers have managed to safeguard four jobs in Scotland and will continue to grow and recruit as a result.