Industry giant says healthy cash position and lack of debt should ensure it continues to trade strongly.
Financials
Despite a significant increase in turnover in 2019, the company actually saw a small decrease in profits compared to the previous year
22 staff have been made redundant, while four people have been retained in the short-term to assist the administrators while a buyer is sought for the business and assets
Stafford-based firm manages to safeguard workforce by accessing Coronavirus Business Interruption Loan Scheme
Steeper Group has completed the acquisition of the Espire ElbowTM prostheses range from US based College Park Industries.
In a move made as part of the investment, Guinness fund manager, Ashley Abrahams, will join the board of directors alongside experienced non-exec chairman, Kevin Ronaldson.
The funding will also provide cash grants to charities supporting people with cancer and dementia, carers and to support the adult social care and community healthcare systems.
The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received more than 130,000 Bounce Back Loan Scheme applications on the first day.
The purchase price amounts to approximately £26.1m (€30m) on a cash and debt free basis with the transaction expected to close in May.
Up to £2,500, the financial package will come in the form of a grant.
