Change of Management
31/01/2014
On January 15 2014 a Press Release was issued regarding a significant change in the management structure of the Company.
The press release was:
Steel Fabrication Business Strengthened
A Manchester-based steel fabrication company has announced an expansion programme which will create new jobs and see the board strengthened.
Thos Storey Fabrications Ltd specialised in fabricating components for clients which include construction giants JCB, Terex and Caterpillar.
From its 100,000 sq ft purpose-built premises in Manchester the company operates globally and employs 140 staff.
The new structure sees John Huggins taking over as Managing Director and the current MD Fred Ellis becoming Chairman. Jo Lynch becomes the new Commercial Director, Tony Ramsdale takes over as Operations Director and Mike Walton has been appointed as Finance Director.
Whilst revenues have traditionally been derived from the construction sector, the company has successfully penetrated other markets to generate higher margins. Last year Thos Storey secured an exclusive licence to manufacture and distribute a product for the agricultural sector called Spread-a-Bale. The product will now be sold by Thos Storey in the UK, Eire, Slovakia and the Czech Republic.
John Huggins said: "We are a distinguished business with a long history operating in a fast changing environment. We are delighted with the new structure which will enable us to implement ambitious development plans for the future".
The specialist corporate valuation company Bridge Houghton advised the company. Partner David Houghton said: "Thos Storey is a fascinating business with exciting potential for significant growth. We were delighted to work with the management to help formulate an effective strategy which means the company is now in a strong position to grow rapidly. Turnover over the next three years is expected to grow with between 30 and 50 new jobs created".