The future of a Lancaster jewellers has been secured as a longstanding manager takes over ownership of the business.
Stable End Curios, which has a 30 year history in Lancaster, will be handed over to Mark Ellis.
Mark has more than 35 years’ experience in the industry and has worked at the Lancaster city centre store for more than 10 years.
Previous owner Mario Sarchet is set to retire from the Ffrances Passage business.
Rather than sell the business on, Mario wanted to ensure it continued to operate in safe hands, and presented Mark with a buyout opportunity which meant he only had to purchase the remaining stock in the shop and the business was transferred into his name.
The support package used to purchase the stock was delivered by Matt Anderton, relationship manager at Yorkshire Bank’s Business and Private Banking Centre in Preston.
Stable End Curios, which opened in 1983, has become a well-known establishment in Lancaster city centre, specialising in everything from watches to diamonds, including repairs.
Over the years Mark has come to know the business inside-out and aims to deliver a high-quality service supported by a team of three full and part-time staff.
Mark said: “When Mario presented me with the offer to run the business, it was too much of an opportunity to turn down.
“I’ve been working with Mario as a senior manager for more than 18 years, 10 of them in Lancaster at Stable End Curios.
“I have come to know the customers and the area very well.
“It’s a new challenge but I’m looking forward to it.
“I aim to continue running the business as normal, and we’ll be getting additional new stock in for early 2016.
“Yorkshire Bank has been easy and flexible to work with, providing me with various options to move forward with the transfer of ownership and providing me with the facilities to manage finances on a day-to-day basis.”
Stewart Cook, head of Yorkshire Bank’s Business and Private Banking Centre in Preston, said: “Yorkshire Bank has worked with the company for more than 13 years, and we know Mark well so it’s great to be able to play a role in supporting him as he takes over the running of Stable End Curios. We look forward to seeing how the business grows in the years to come and wish him all the best.
“As economic conditions continue to improve, Yorkshire Bank remains committed to supporting the growth ambitions of local businesses such as Stable End Curios.”
Yorkshire Bank recently launched a series of lending initiatives for UK businesses, designed to encourage growth for new and existing customers.
As well as capital-free periods for up to five years, the bank has also introduced high percentage funding for businesses to purchase trading premises.