A Powys-based precast concrete company has embarked on an expansion journey following a recent management buyout. Shane Clee, who has been with Forden Concrete Products since 2001, has acquired the business from its founder, Geoffrey Jarman. This strategic acquisition was partly financed by a £45,000 loan from the Development Bank of Wales.
Founded in 1978, Welshpool-based Forden Concrete Products is renowned for manufacturing a diverse range of precast concrete solutions for the dairy and agriculture industries. These products include water troughs, feed troughs, slurry systems, portable cow stalls, gate posts, and cattle foot baths. Utilising high-quality materials and traditional techniques, the company has built a solid reputation over the decades.
With 24 agents distributed across the UK, Forden Concrete Products is strategically positioned to cater to a broad customer base. Under Shane Clee’s new ownership, the company is set to diversify its product offerings. Plans are in place to introduce new product lines, such as concrete wall panels for both domestic and commercial garden applications. This move is anticipated to bolster the company’s market presence and diversify its income streams.
Commenting on the acquisition, Shane Clee stated, “After 24 years with Forden, this is a great opportunity to take on the business myself and work with our close-knit team to continue doing what we love and know best. We’ve worked closely with Geoff to build the strong reputation that we have and now look forward to getting stuck-in with our plans for future growth but we wouldn’t be doing it without the help of the Development Bank.”
The loan extended to Forden Concrete Products comes from the Development Bank of Wales’ £500m Wales Flexible Investment Fund, backed by the Welsh Government. This fund aims to assist businesses in establishing, growing, and thriving. James Ryan, an investment executive at the Development Bank of Wales, remarked, “We are here to help businesses become established, grow and thrive. A core part of our remit is to support management teams who want to run their own business so we’re pleased to have been able to help Shane to become the new owner of Forden, particularly as it is a well-established business that employs local people. We wish the team every success.”
The development bank provides various financial instruments, including loans, mezzanine finance, and equity investments ranging from £25,000 to £10m. This financial support is designed to empower businesses like Forden Concrete Products, enabling them to seize growth opportunities and enhance their operational capacities.
The management buyout of Forden Concrete Products marks a significant milestone for the company, setting it on a path of expansion and diversification. With the support of the Development Bank of Wales, the company is well-positioned to thrive under Shane Clee’s leadership, ensuring continued contributions to the local economy and the broader agricultural sector.