Jobs in Exeter have been secured following the sale of Ridgespear Ltd, a technology and manufacturing firm specialising in underfloor heating, which develops and produces products for well-known brands in the building materials sector.
The company’s Exeter production hub creates approximately 1.6 million square feet of underfloor heating products per month for homes and businesses across the UK and Europe.
The Omnie and Timoleon brands are part of the Ridgespear group, which employs 61 people in Exeter and a further 29 at its factory and design site in Lomza, Poland. Ridgespear had faced increasing financial difficulties due to rising costs and a downturn in the construction industry.
Following appointment as one of the joint administrators of the Ridgespear group earlier this month, Lucinda Coleman, partner and head of the restructuring team at PKF Francis Clark, sold the businesses to Genuit Group Plc in Leeds.
She said: “Ridgespear has a skilled workforce, well-known brands and an excellent reputation in the industry for its product range. However, the group has faced operational challenges including rising costs in recent years.
“We’re pleased to have concluded the sale of the group following an accelerated marketing campaign, which has saved local jobs and is expected to result in a return to secured and preferential creditors. Ridgespear complements Genuit’s portfolio of leading brands and there is a strong cultural fit between the two groups.”
