The management of a Warrington-based company that specialises in radio frequency identification systems has completed a buyout of the business.
The deal allows the team to take almost full ownership of CoreRFID by acquiring the majority of shares from an existing investor. A management team consisting of managing director Munzi Ali, sales director Richard Harrison and chairman Terry Allen now owns 93 per cent of the company.
The buyout was supported by funding from the Enterprise Ventures SME Loans fund, which is backed by Santander UK and the Greater Manchester Pension Fund.
CoreRFID’s systems are designed to help companies control production processes, monitor goods en route, keep track of high-value assets and support safety inspection of cranes and lifting equipment. The company, which was originally a division of the engineering firm Mannings (Southport), now has a global customer base of more than 1,000 including London Underground, Capita, BAE Systems, and Allen & Overy.