| Management buy-out announced as Duraweld passes to the next generation |
Scarborough based Duraweld has announced with pleasure that on the 26 February 2010, Richard Senior, owner and chairman of Duraweld Ltd., completed the sale of the company to two of its managers, Hannah Senior, and her husband Mark Yeung. Hannah is the company’s Chief Operating Officer and Mark its Finance Manager.
The buy-out strengthens the company’s position as one of the UK’s leading producers of customised stationery, presentation and packaging products, and provides a new platform to develop the business going forward.
Hannah Senior, Richard’s daughter, joined the company in September 2008, after completing an MBA at Stanford Graduate School of Business, California. Before attending Stanford, Hannah worked as a strategy consultant at Marakon Associates, and as a manager at Tesco.com.
Whilst at Stanford, Hannah’s particular area of interest included entrepreneurship and family businesses. These interests meant returning to Scarborough to bring her wider experience to her family business presenting a great opportunity for father and daughter alike. Since joining Duraweld, Hannah has been closely involved with all aspects of the business, including the launch of its new website featuring the unique ‘build your own binder’ service.
Mark Yeung joined Duraweld in 2009, and took over the running of the company’s financial operations. A graduate in manufacturing engineering and with an MBA from Harvard, Mark worked for management consultants McKinsey and Company and was part of the team which set up Tesco’s ‘Fresh & Easy’ retail operation in the US.
Richard Senior, who has led the company since 1972, will be staying on as a consultant for the next three years. Richard commented: “I am delighted that this young, energetic management team will be leading the business into the future. Since joining Duraweld, Hannah and Mark have brought with them lots of fresh thinking and new ideas that are having a very positive impact. It’s great news for the company and I wish them every success in the future.”
Hannah Senior said: “We are thrilled to be the new owners of Duraweld and would like to thank our employees and customers for their fantastic encouragement and support. Duraweld is a well known and respected name throughout the industry, and our decision to purchase the business has been based on the fantastic range of opportunities we see for it to grow and develop.
Our aim now is to strengthen and streamline our core business, whilst taking advantage of new opportunities along the way. We will continue to develop and invest in our online service, be committed to environmentally friendly business practises, and in direct response to customer demand, have just expanded our product range to include an exciting range of ‘paper over board’ ring binders.”
Mark added: “Whilst the economic climate continues to be challenging, we have great ambitions for the company. Our confidence in the committed and skilled team at Duraweld is absolute. We are especially delighted that Richard has agreed to stay on as a consultant, which will enable us to draw on his vast knowledge of the industry, and help ensure a seamless transition.”
The company website is at www.duraweld.co.uk
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