The company was established 70 years ago and in 1995 it officially became REM. However, after buying the business is 2001 the company's predecessor is looking to retire and therefore REM were looking for finance for a management buy-out.
Enterprise Finance Guarantee provided the perfect solution for REM due to it providing the support to take on part of the security, the government secured 75% of the loan while the remaining 25% was provided by the management buy-out team. This gave REM the vital funding needed.
The EFG has enabled the company's predecessor to retire and for the management team to now take the business further growing it their own way.
"We’re two and a half years post buy-out and have repaid a lot of that debt. We’re looking to invest in the business to take us to the next level. A lot of the equipment we use is old. We’re manufacturing in a non-economical way. With investment we could provide state-of-the- art equipment and be much more efficient."