A Cornish manufacturer of secure cash boxes has been taken over by its management team and signed a new finance deal with Lloyds Bank to assist with its growth plans.
Staysail Ltd, holding company of Spinnaker International Group, was founded in 1985 by John Yandell and is based in Saltash. Its products are used to transport cash by security guards across the world.
Control of the business has now passed to Spinnaker’s management team, led by managing director Tony Westington. However, Yandell will continue in his position as chairman and remain a minority shareholder in the group.
Westington said: “The next few years will see a continued expansion of our product range and entry into new geographic markets. We are proud of our heritage and are excited about the next stage of the group’s development.”
Richard Davis, senior manager and head of Lloyds Bank’s South West manufacturing team, added: “Spinnaker is a wonderful example of a locally grown world beater and a perfectly matched recipient for our funding from our specialist manufacturing arm.”
Isca Ventures acted as lead adviser on the transaction, with Foot Anstey providing legal advice.