Mayflower sells Ribbons business in pounds 6.5m management buyout

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The Independent Online
MAYFLOWER corporation yesterday sold its seatbelt webbing business, Ribbons of South Wales, to a management buyout team for pounds 6.5m.

Mayflower has decided to concentrate on its main automotive engineering business after a strategic review of its operations.

Ribbons has developed a new high-performance seatbelt webbing called Autoflex, which is already being used by Ford in the latest Mondeo models. The product has also attracted interest from German car manufacturers.

The management team, led by managing director Godfrey Codrington (pictured above right with Gresham Trust's investment manager, Neil Scragg), technical director Wayne Morse and finance director David Edwards, are investing a `significant' stake in the company.

The venture capital group Gresham Trust and Royal Bank of Scotland providing the rest.

Ribbons is expecting to grow quickly over the next five years, driven by the introduction of Autoflex, new safety regulations requiring belts in buses and rear seatbelts in new cars, and strong demand in eastern Europe.

The company also plans to expand its range of different seatbelt colours.