UK - AFM backs Hi-Craft acquisition

The deal, which is valued at in excess of £500,000, will enable 11 staff to retain their jobs after the business was recently placed into administration. Alongside the loan from AFM, Glen Brookfield, the company manager, invested £100,000 and an undisclosed sum was provided by Hi-Craft's incumbent bank.

The company designs, manufacturers and supplies a range of pet-related products such as leads, collars, toys and beds. Hi-Craft has been trading since 1956. Turnover is predicted to reach £5m in two years while the number of staff is anticipated to increase to 20 over the same period.

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• UK / Ireland