Exports key for success of PEGL
A COMPANY formed 18 months ago to manufacture and market two world-renowned industrial valve brands has surpassed its sales and export targets.
Sheffield-based President Engineering Group Limited (PEGL) comprises Bestobell, which produces valves for cryogenic gas and liquefied natural gas applications, and Conflow, which manufactures equipment for water control and for the suppression of dust and fire for mining industries.
PEGL was formed following a management buyout (MBO) led by directors Mark Henley, Marie Cooper and John Waddington in October 2010.
The business has grown sales by 44% and exports by 51% since the MBO. Markets include the Far East and Russia.
The new management team made an initial investment of £1m in new plant and machinery as well as increasing the workforce by 15%, bringing it to a total of 100 people at its 30,000 sq ft President Park site.
With a turnover of £10.3m, exports now account for 80%.
Mr Henley said: “The Bestobell and Conflow brands both date back more than 50 years and have earned a global reputation for being the best designed, most robust products in the market.
“Sheffield is part of our pedigree and we are proud to be taking high value engineering products to new markets around the world.
“We see some great opportunities ahead with South America a relatively untapped market for us.”
Accountancy firm Grant Thornton has advised PEGL on its growth strategy.
Peter Edwards, director at Grant Thornton in Sheffield, said: “PEGL’s rapid local and international business success is down to the commitment and drive of its management team and employees.”
