Redditch-based puddings creator Jon George Ltd has completed a management buyout that will see director Jon George take over the helm of the company.
The aim is to further develop its successful growth and consolidate its position as a major dessert creator and manufacturer in the UK.
The deal, which has given Mr George full control of the business, involves the buy out of venture capital from the co-backers of the company for an undisclosed sum.
Clydesdale Bank in Worcester provided £1 million in the form of a long term loan with asset finance for new machinery.
Ian Priest, senior partner at the bank, said: "Jon has a passion for business and puddings and he and his dedicated workforce have a strong management team and an effective strategy in place to expand the company."
Mr George has been a top 'patissier' since starting his career in his family pubs. He founded Jon George Ltd with the support of investors in 1999 and the company now employs more than 70 people. The firm has secured nationwide contracts with national pub and hotel chains to create individual and unique desserts.
He said: "The company has gone from strength-to-strength in recent years and has secured a number of contracts to create new recipes and puddings for local and national establishments.
"My confidence in the team, in myself and in the long term prospects for the business enabled me to consider the MBO, but it was the support, advice and flexible funding package from Clydesdale Bank that helped to make the dream a reality."
Harrison Clark and the Michael Dufty Partner-ship acted as advisors to Jon George Ltd.