LOCAL businessman Karl Symmonds has completed the management buy-out of Tru-Plas, the home improvements company based in Haverfordwest.

Financed by a six-figure loan from the Development Bank of Wales, the management buy-out means former owner and director Rhys Hoddinott hands over Tru-Plas to Karl who first joined in 2018 and has since been responsible for the management of the business.

Since completing the buy-out, Karl has opened a new 100 square metre showroom and set-up a uPvc trade counter selling windows, doors, fixings, and accessories on a supply only basis.

Karl said: “As a local person, I knew before joining the business that Tru-Plas has an impressive reputation for its friendly and professional customer service. My job is to now build on this excellent foundation as we continue to deliver for our customers throughout South Wales.

“We’ve got lots of exciting plans including the opening of our new 100 square metre showroom that will offer a great customer experience with dedicated car parking and we’ve opened a uPvc trade counter.”

Established in 1991, Tru-Plas is a home improvements company that specialises in PVCu doors, windows, conservatories and porches throughout Pembrokeshire and South Wales

Turnover is on target to reach £1.2 million in 2021/22.

Rhys Hodinott said: “Karl has been an integral part of our success over the last few years. I am delighted that I am now able to handover the business to him knowing that it is in a safe pair of hands and that he will continue to look after our much-valued customers with the same care and commitment that they have always known with Tru-Plas.”

The funding for the management buy-out came from the £204 million Wales Business Fund.

Ruby Harcombe, investment executive for the Development Bank of Wales said: “This has been a lovely management buy-out to work on with a great team of people who have all supported each other and focussed on getting the deal done in a way that is best for all parties including customers.”

Financed by the European Regional Development Fund and the Welsh Government, loans, mezzanine finance and equity investments from £50,000 to £2 million are available for businesses with fewer than 250 employees based in Wales, or willing to relocate to Wales.