Directors of family-owned stove manufacturer in Axminster complete management buyout
PUBLISHED: 12:06 05 November 2019 | UPDATED: 12:06 05 November 2019
An Axminster stove manufacturer has been bought out by its directors, who have described it as an 'exciting point' in the company's history.
Mark Brettell and Jon Butterworth have completed a management buyout of Arada, which has more than 80 staff on its books.
The deal sees the current management team of Mr Brettell and Mr Butterworth acquire a majority stake from the founding Burgis family, which will retain a minority stake.
Mr Brettell said: "Having worked for the original family owners for the past two decades I consider it a great privilege to be able to be entrusted with the future of one of the best known companies within the stove industry.
"It is a credit to all at Arada that Jon and I have the confidence, experience and support to lead what has been and will remain an independent company and to take the company forward in a seamless transition.
"Having been through many challenging years the time is seen as right for this change of ownership which will ensure the continuation of the very ethos that has been at the heart of Arada for so many years."
Arada was founded in the 1970s and operates from a 3.86 acre site.
Steady investment throughout the years ensures the company maintains manufacturing of all its products within the UK.
Jennifer Burgis, whose father founded the businesses, said the legacy of Arada was 'extremely important' to her family.
She said: "We have such a strong heritage in the region and are, therefore, delighted that the long serving management team are taking over.
"They understand the DNA of the business and we wish the best to Jon and Mark as they take the business from strength to strength, and to all our employees who have worked so hard to make Arada successful."
A company spokesman added: "We are confident that it will be business as usual to for all our employees, retail partners and suppliers.
"This will be a seamless transition for the company.
"A great deal of investment into the manufacturing facilities in Axminster has been made in recent years and we will look to continue this and ensure we can remain competitive at producing top quality products at an affordable price point in the UK."