Local ownership has returned to Teesside firm Flat Free Tyres Ltd, trading as Greencare Mobility and Greentyre, following a management buy-out led by Katie Fryer and Rob Ferguson.
Greencare is a leading provider of configurable, custom-built wheelchairs and specialist seating solutions for clients in the UK and abroad. The business is the last mainstream wheelchair manufacturer in the UK and is a provider to the NHS, as well as private customers who can visit the factory in Middlesbrough to watch their wheelchair being made to their exact specifications. Greentyre is a leading provider of microcellular polyurethane puncture proof tyres for the mobility market as well as for bicycle and industrial sectors across the world. The business has been in operation for over 30 years, manufacturing all products from its factory in Middlesbrough.
The MBO has been funded using a six-figure investment through the Teesside Flexible Investment Fund, which is managed alongside backing from the Teesside Pension Fund and provides a flexible alternative to traditional lending, unlocking the vital resources businesses need to drive economic growth. Long-standing employees Katie Fryer and Rob Ferguson have acquired the business from AM Healthcare Group. Rob has worked for the firm for 27 years and Katie 10 years.
Katie Fryer, Director said: “Greencare and Greentyre are well-established brands with a longstanding reputation in Teesside. It has a rich heritage of manufacturing custom-built solutions that supports people’s wellbeing. When the opportunity arose for Rob and I to acquire the business we jumped at the chance. Bringing the business back into local ownership is important to us and we have ambitious plans to grow the business. The whole team work together like a family and we’re committed to bringing back a personal touch to the business moving forward. The backing from Alex Gent at FW Capital has been great, she has been really supportive throughout the completion process.”
Rob Ferguson, Director said: “Having worked here for over 27 years I’m extremely passionate about ensuring the best for the business, staff and customers. Katie and I understand the business and what is needed to scale up and advance. It’s a very rewarding sector to operate in and we are looking forward to continuing to support our existing customers and welcome new ones.
“Working with FW Capital has been such an easy process from start to finish which would not have been the same if we didn’t have the support from Alex, who showed genuine interest in our vision. Having someone on-site to pick up and feel the products we manufacture, to speak to the staff and see the processes we carry out gave us confidence we were working with a company that deal with people and not just numbers. Almost all other finance options were impersonal and faceless, but dealing with FW Capital was really refreshing. Without their support the dream was unlikely to become a reality for us. Thank you.”
Alex Gent, Senior Investment Executive at FW Capital said: “Rob and Katie have been with the business since before the acquisition by AM Healthcare Group, so they know the business inside out. It’s a fantastic opportunity for them to bring it back under local ownership. Their passion to grow the business is matched by their long-standing experience in this sector and I wish them well for the future.”
Councillor John Kabuye, Chair of the Teesside Pension Fund Committee, said: “It’s great to see Greencare return to local ownership, and the passion Katie and Rob have for their business and its customers shines through.
“The Teesside Flexible Investment Fund was set up to support and nurture businesses just like this, with lasting benefits for the local economy for many years to come.”
The Teesside Flexible Investment Fund is a £20 million fund to support economic development in Hartlepool, Middlesbrough, Redcar & Cleveland and Stockton-on-Tees through a mix of finance to support buying a business, property funding and bond finance. It is backed by investment from FW Capital and The Teesside Pension Fund and delivers loans of £100,000 to £3 million to enterprises making an economic impact in Teesside.
