Furniture manufacturer outlines future plans following MBO
FURTHER expansion is on the cards for a furniture manufacturer which has been bought by its management.
The directors of Rotherham-based office furniture manufacturer Staverton (UK) have taken majority ownership of the business, buying-out managing director Mike Gardner and Warrington-based Claremont Group Interiors’ shareholders.
The buyout brings more independence to the business and sees Paul Edward, a director for more than 20 years, take the helm as managing director.
Staverton says it is now able to pursue additional external dealer relationships and particular emphasis will be placed on building its growing reputation as a designer and manufacturer of high-end office furniture solutions.
Mr Edward said: “Staverton has started a targeted programme of building partnerships with a select number of top furniture distributors and interiors companies, spread throughout the UK. Our vision is to provide those companies the opportunity to work with a design led UK manufacturer that has a great track record creating client specific solutions.
“Our most recent product developments have been designed in response to the growing demand for Sit Stand working. We now have a future-proof bench, which offers various levels of upgrades from fixed-height through to fully programme powered and a mobile option, which gives clients the utmost in flexible working.
“The directors of Staverton would like to take this opportunity to sincerely thank Mike for his leadership of the business over the past six years as the business now has a strong foundation on which to move forward.”
The deal includes use of an Enterprise Management Incentive (EMI) scheme so that share options can be offered to Staverton directors and management in the future.
Mr Gardner of Claremont Group Interiors led the MBO of Staverton from Black Arrow Group in July 2009.
Staverton operates a manufacturing facility in Rotherham, a showroom in Clerkenwell London and a sales office in Westerham, Kent.
