HUNDREDS of Ultraframe employees have seen their stake in the company double in less than six months.

Employees who held on to all of their windfall, which averaged £20,000 when the Clitheroe company floated in October, have seen it rise in value to about £40,000.

Together the employees now own around 10 per cent of a company worth more than £27million.

The share price has rocketed on the back of strong city demand and better-than-expected profit figures released in January.

The news comes as bosses of the conservatory roofing firm today prepared to outline the progress of the firm at its annual general meeting in Manchester.

And with more than 90 per cent of employees at the company owning shares, the firm is holding a second meeting for around 350 of them at the Dunkenhalgh Hotel tonight. Ultraframe founder John Lancaster - a committed Christian who backs a number of religious organisations with his own money - and his wife Rosemary still control about half the shares in the company, worth about £127million.

Directors of the company together own a further £8million-plus.

Under the terms of the share offer to employees, they were allowed to sell half of their holding immediately when it floated but they only opted to sell about 25 per cent.

For every £1 they invested in Ultraframe less than a year ago they now have a stake worth more than £160.

Shares in the company were offered to employees before the flotation by Mr Lancaster last year and more than 95 per cent of the 500-strong workforce took up the offer of an allotment based on length of service.

The success of Ultraframe is one of the most remarkable business growth stories.

Former Ribblesdale High School pupil Mr Lancaster began his working life as an apprentice electrical engineer before being made redundant at 21.

He launched Ultraframe in 1983 to manufacture double glazed windows and doors.

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