Riverside directors buy shareholding
Directors at South Wales based bottle manufacturer Riverside Plastics have completed a deal to buy 30% of the company's share capital, previously held by 3i Plc, who subscribed for the shares on the formation of the company in 1991.
Directors at South Wales based bottle manufacturer Riverside Plastics have completed a deal to buy 30% of the company's share capital, previously held by 3i Plc, who subscribed for the shares on the formation of the company in 1991.
The company's three founding directors - John Lewis, Graham McKenzie and John Watkin - now hold all the business's share capital in equal portions.
Finance director John Lewis commented: "Buying in the outstanding 30% of our share capital not only deomonstrates to everybody - customers, suppliers and employees - the confidence that the directors have in our company but will, I think, lay the groundwork for succession planning, without the need to defer to a third party organisation.
In another move, Riverside recently appointed Tony Burnell to the new position of business development manager.