Three men have put their life savings on the line to form a new company after their former employer closed down.

Kenny Walker, Mark Scott and Mike Liddicoat were managers at building suppliers Interlink, in Lancing, until parent company Kingspan shut the manufacturing plant in August with the loss of 58 jobs.

The men managed to raise £400,000 through their own money and finance from RBS and have opened Tri-Fab, a sheet metal manufacturer, on the same industrial park they used to work.

They have re-employed 11 former staff and given work to nearby suppliers which feared for the future after the Interlink plant closed down.

Mr Walker said: “We felt it was a risk worth taking. We did it to help ourselves and the other guys, who are very loyal and have significant skills. I don’t want to comment too much on the previous company but the closure was a preventative measure and they did what they needed to do to protect their core business.

“Despite what people are saying about the state of the construction market we felt our relationship with customers and suppliers meant it was still a good opportunity.”

Tri-Fab is about a third of the size of Interlink but all being well Mr Walker hopes to expand over the next few years. He said: “We have sensible plans for sustainable growth. Over a five-year period we hope to have up to 35 people working here. After that we could look to new markets to grow further.”

Mr Walker admits their future could be decided by Government plans to invest in capital programmes in health and education, because they specialise in supplying large building developments.

He added: “If that does not happen then our growth potential is very limited.”

The firm’s initial success led to a visit last week from Business Minister Pat McFadden, who praised the management team for creating new job opportunities in the recession.

Mr McFadden said: “There are new businesses like Tri-Fab that are opening their doors – not closing them.

“These businessmen have seized the opportunity to set up a new company that can build on the established relationships, reputation and supply chains that exist locally.”