Friday, August 12, 2022

New milestone for manufacturing and distribution company as MBO completed

Manufacturing and distribution company managers are celebrating an important milestone in a Lincoln firm’s history – after becoming its new owners.

The Greenstock Lamp Company’s Managing Director Stuart Raffles and newest directors – Lewis Keilty (Sales & Purchasing) and Cheryl Hutchins (Production) – are poised to grow the multimillion-pound business after completing a Management Buyout (MBO).

The news follows the retirement of long-standing director Clifford Bulgin, who was the driving force behind Greenstock Lamp’s fortunes for a quarter-of-a-century.

Managing Director Stuart Raffles said: “We are over the moon to have completed the MBO. This is something we had all been talking about for some time and it has come about by mutual agreement. The company is in good shape and we are expecting turnover to breach the £4 million mark during 2021/22.”

Sales & purchasing director Lewis Keilty said: “Despite the challenges experienced over the past few months, we can clearly see the company going from strength to strength, with exciting developments in the pipeline.”

The company, which is based off Whisby Road, employs nearly 50 people, including 20 outworkers. Staff are busy completing orders across its three divisions – OEM (original equipment manufacture) – in-connect; Greenstock lighting and Greenstock shatterproof.

“It’s great to have an excellent workforce behind us and really low levels of staff turnover. Several employees have been with us for 15 years or more,” added Lewis.

With directors keen to achieve a 20 per cent lift in sales, compared to the pre-Covid period, the OEM division is poised to lead the way. A specialist in cable harnesses, over-moulded products and pcb encapsulation, it already accounts for 80 per cent of company sales to the marine, automotive, construction, utility, metering and medical industries.

Production director Cheryl Hutchins said: “We are really looking forward to growing our worldwide customer base and to investing funds back into the business. We have already made a start by ordering an extra over-moulding machine, for our busy OEM division, at a cost of £100,000. It is being in delivered in December.”

“As a company our focus is firmly on ensuring our loyal workforce is happy and productive,” added Cheryl.

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