Vertex Panel Products has been thrown a £4m financial lifeline which will allow the company to retain control, save 140 jobs and complete the buyout of the business.

The deal was made possible by a combination of £1.5m funding from ING Lease and £2.5m from Manchester-based City Invoice Finance.

The Vertex management team comprises managing director Joe Martoccia, financial director Robin Prestage and sales director Neil Horton.

Mr Prestage said the deal had to be turned around very quickly and added: “There were a number of lenders and advisers involved in the process and their professional working relationship allowed the restructure to be completed within the allocated timescales.”

Andrew Charnley, regional manager for City Invoice Finance. said: “The deal was both challenging and rewarding given the circumstances involved. This is a perfect example of how invoice finance can support a fundamentally sound business with strong growth potential. I have no doubt that Vertex will enjoy great success in the future and we look forward to working with them for many years to come.”

&#8220We have a good team here with some star performers and my biggest concern was keeping them all together”

Vertex managing director Joe Martoccia

Meanwhile Mr Martoccia said: “We have a good team here with some star performers and my biggest concern was keeping them all together, which we have managed to do. We have a hard slog ahead and we have got to pull together and move things along.

“We are getting good support from a number of our key suppliers.”