Gloucester-based aluminium specialist, CDW Systems, has announced a management buyout.
The existing senior management team of Richard Smith, Angela Phillips, Jeremy Phillips, Allan Little, Martin Rowe and Mike Davis have formed a new holding company, East Manor Group, which will manage its three operating companies, which includes CDW Systems, Clearway Doors & Windows and Designex Cabinets.
Mike Davis, who became managing director at CDW a year ago, said that while the company has been purchased from its group chairman, Jerry Webb, the new owners don’t intend to make any changes operationally to how the business is run on a day to day basis.
According to the new owners of CDW, Jerry will continue to be very active within the business, reviewing the strategic direction and pathway of the company well into the future.
Mike commented: “The management buyout at CDW Systems marks the beginning of the next chapter in the company’s history but we also want to stay true to our company’s long-standing values and standards.
“The six of us have purchased the company from Jerry but we are not planning to implement any major changes. Jerry will remain an important part of the business as a non-executive chairman and we look forward to continuing to benefit from his advice and extensive knowledge of the industry.
“On behalf of the team we’d also like to thank Jerry for this continued commitment to the business and his professionalism and vision in overseeing its success to date.”
Jerry Webb commented: “I’m very pleased that CDW Systems has passed into such experienced and dedicated hands. In my new role, I will continue to meet with customers and suppliers. Since the MBO in late September, I feel I’ve been even more actively involved in the company than I have been in recent years, so I don’t see myself slowing down anytime soon.”
CDW Systems was formed in 1992 and the last 25 years has seen the company expand along with the UK’s growing aluminium industry. Last year, the joint group turnover was reportedly in excess of £10 million.