Brighouse-based Avocet Hardware Ltd have announced that the company has been the subject of a management buyout.
The team, led by finance director Ian Jones and sales and marketing director Michael Tuck, has acquired the company for an undisclosed sum from US-based MASCO Corporation.
Ian Jones becomes chief executive of the business while Michael Tuck takes on the role of managing director, Hardware Division. Kevin Harvey, a former sales director of Avocet Hardware, is rejoining the company as managing director, Door & Window Division.
Existing chief executive Jim McCarthy will assist with the transition of ownership before leaving the company at the end of the year.
Ian Jones commented: “The acquisition reflects the management team’s confidence that the business is well placed to enter a new and exciting phase of business growth, which is great news for our staff and great news for the area. This year we will see sales grow by over 15% and similar growth is expected in future years as we continue to take market share away from our competitors.”
Michael Tuck added: “The last few years has been a period of building and developing the business making it ready for the future. That period of consolidation is now complete and the business is well positioned to expand.”
Avocet Hardware employs around 220 people at its Brighouse headquarters and approximately 1000 more at its facilities in China and Taiwan.