Lever leaves Abbeycrest
MICHAEL Lever, the founder and executive chairman of Yorkshire jewellery group Abbeycrest, is to step down after 29 years.
Mr Lever, who launched the Leeds-based business with the late Peter Rosenberg in 1979, said that he is resigning as a director at the end of this month “to pursue other interests”.
He will be replaced by Simon Ashton, who will become executive chairman on September 1.
Abbeycrest chief executive Phil Walker resigned from the business in February with his responsibilities divided between Mr Lever and finance director David Chapman.
Mr Lever said: “I feel privileged to have led Abbeycrest over the last 29 years through both the highs and lows and into this period of exciting change and renewed optimism. I have worked with an extraordinary group of people over that time and am delighted to be leaving the business in the hands of a capable and motivated team.”
Mr Ashton commented: “I would like to thank Michael for his support and advice since my arrival earlier this year, and wish him all the very best in the future.”
Abbeycrest made a £1.1m operating loss in the year to the end of February which it blamed on restructuring costs for its loss-making UK distribution operation G&A.
After it was founded Abbeycrest grew rapidly to become the UK’s leading supplier of gold products to the jewellery trade. In 1985 it joined the Unlisted Securities Market, achieving a full stock market listing in 1988.
In 1989 Abbeycrest moved into gemset jewellery with the acquisition of a Birmingham-based manufacturer, Gallery Jewellers.
The group began a major restructuring of its operations in 1996 and later acquired Thai manufacturer Essex International and launched Dynamic Creations in Hong Kong, giving it improved access to Far Eastern resources, and a higher degree of control over quality and manufacturing.
In 2001 it acquired wedding ring maker Brown & Newirth.
February 2003 saw the launch of Abbeycrest Thailand, with the opening of a purpose-built £2m factory in Lamphun and then the subsequent merger of Abbeycrest Thailand and Essex International bringing all its Thai manufacturing operations onto one site.
