Bathroom manufacturer Adamsez in £750,000 takeover deal
Co Down bathroom manufacturer Adamsez has been taken over by private investors in a deal worth over £750,000, it was announced today.
The company, founded in 1885, has been sold to a group of investors from Halo, the Northern Ireland business angel network, following the retirement of 85-year-old chairman Larry Dunlop. The new owners are James McCormick, managing director of Macspec Engineering, and Ciaran Hunter, chief executive of Arran Capital.
The Carryduff firm is one of the few bathroom manufacturers which still designs and produces in the UK.
While Adamsez products are stocked by retailers such as Beggs & Partners and Bassetts, over 75% of sales are outside Northern Ireland. It will continue to manufacture its products in Carryduff under the new ownership.
Mr Dunlop said: "At 85 I think the time has come for me to retire, and would like to take this opportunity to thank our customers for all their support over many years."
Ciaran Hunter said: "We plan to take the Adamsez business in a new and revitalised direction.
"Our investment will protect skilled local workers and suppliers, and we aim for further job creation as we continue to grow."