Paul has acquired the 50% stake held by his father-in law and Fingershield founder Frank Garvey, who has exited the business. NatWest commercial bank in Bolton provided a £110k loan via the EFG scheme to part fund the transaction.
Fingershield was founded in 1999 and initially specialised in the sale of anti trapping devices sold under licence. It quickly became the market leader in this field, supplying a range of hinge covers and hand-shaped door stoppers to more than 7,000 schools and nurseries throughout the UK.
Last year Fingershield expanded its operations with the launch of simplesafetysolutions.com, a new website selling more than 400 child safety products including baby monitors, stairgates and kitchen guards.
Fingershield now has a turnover of £1.6m and is experiencing further success internationally. It recently signed a deal with an Israeli distributor and is trialling its child door safety devices at Tokyo Airport. Fingershield products are already on sale in Scandanavia, Australia and the USA.
Mr O'Carroll, who joined the business in 2002 and became Managing Director in, said: "Having managed the business for the last few years I am delighted to have reached an agreement to become Fingershield's majority shareholder. We have some interesting plans in place to develop the business. In particular we are looking to source new safety-related products for the UK market and expand or international distribution network. We continue to receive lots of interest from overseas buyers and are confident of further growth in this area."
Mike Burns, Relationship Manager, from NatWest, said: "Fingershield is a well managed business which continues to perform well under Paul's leadership. The transaction provides additional stability and we look forward to watching the company's progression."