BUSINESSMAN Peter Dobson has three reasons to celebrate.

He has just turned 40, his business has achieved a 15 per cent rise in operating profits - and his new son arrived 48 hours ago.

Boltonian Mr Dobson, chief executive of Oldham-based finance company Admiral Leasing plc, said: "It's certainly been a fantastic, if stressful few weeks. Mother and baby are doing fine. They should be coming home in a day or so."

And, like his son, he believes the company will also grow the next few years. Established in 1990, Admiral Leasing plc is a privately owned, independent asset finance company specializing in equipment finance, vehicle finance and fleet management.

Mr Dobson said that its role as both a funder and a broker makes the company unique, with an attractive flexibility to offer bespoke vendor schemes to clients.

"We are continually discussing new ways of taking our supplier relationships forward and this results in high quality and mutually beneficial business for everyone," he said.

"Our track record in creating innovative finance solutions for clients is second-to-none. Admiral is a company I am proud to direct. Our realistic and commercial approach attracts both high-calibre business and personnel and our new business teams have helped the company to develop strong reputations in many sectors."

This is backed up by the figures which show year-on-year growth continuing. Admiral hit £1.26 million pre-tax profits for 2002-03, which was double the profits achieved in the previous year. This year, the company has announced a further leap to £1.32 million. But it was not the same story 11 years ago, when Admiral encountered the threat of receivership from the banks.

Mr Dobson said: "The company had started just as the horrific recession of the early '90s began to bite. We had a Southern operation which was particularly badly affected so our bad debts were quite high.

"The banks, who were also shareholders, were just firefighting and, like in so many other scenarios at the time, they lost their appetite and called in their debts.

"We were actually issued with a winding-up order by one of them, a 12 per cent shareholder. We decided to fight it in the courts and they backed down as the case was about to start. We then restructured, effectively selling off our debt, and were able to relaunch the company, after which we went from strength to strength."

The company is still wholly owned and managed by three shareholders - Mr Dobson, Philip Webb and Grahame Barker.

Mr Dobson has lived in Bolton all his life. He currently lives in Bromley Cross with his wife, Debbie, daughter Paige and newborn son, Sean.

He was an Old Boltonian's football player for 10 years and has been a member of Dunscar Golf Club for 22 years. As a life-long Wanderers supporter, he has many evocative memories of standing on the terraces of the Burnden Paddock on damp winter evenings watching his idol, Peter Reid.

"He was always my favourite, as well as Frank Worthington," Mr Dobson said. Another was Roy Greaves, whom he knew first through business and whom he now counts as a friend. He holds many of Admiral's corporate events at the Reebok Stadium and Admiral also sponsor Bolton Lads and Girls Club.

Mr Dobson was a Thornleigh College pupil. He worked for NatWest until 1984, when he moved to Minshull Asset Finance, before joining Admiral in 1990. He was appointed to the board in 1992 and then made chief executive in 1994.

He said a key driving force behind Admiral's success is its 35 customer-focused and dedicated staff, many of whom also live in Bolton.

"I look for team members who accept responsibility," he said. "Our customer orientation and focus on service standards are evident throughout the company, including regular training on customer service.

"We have an open door policy from top-down, to make us a friendly and transparent company. Staff tend to stay around once they are in place."

Admiral even has an in-house gym for staff.

Mr Dobson believes that the increasing levels of new business are testimony to the high quality of service provided by a highly motivated staff.

The company is currently undergoing a significant rebranding exercise. "We're spending about £35,000 on a shot in the arm. It's not just about a new logo, though we do have one. We're involving all the people as well, making sure that they are involved in the new branding. We're investing in new technology and revamps of their environment."

With Admiral now established with a strong national reputation, and plans being discussed to roll out Admiral Vendor Schemes into other European countries, this is one butterfly whose brightest colours are yet to be revealed.