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Management buy-out is a real family affair
A MANAGEMENT buyout has been announced at Scarborough-based Duraweld as the business passes on to the next generation.
Richard Senior, chairman of the stationary and packaging manufacturer, based in Salter Road, has completed the sale of the company to his daughter Hannah Senior and her husband Mark Yeung.
Mr Senior, who has led the company since 1972, will be staying on as a consultant for the next three years.
He said: "I am delighted that this young, energetic management team will be leading the business into the future.
"Since joining Duraweld, Hannah and Mark have brought with them lots of fresh thinking and new ideas that are having a very positive impact. It is great news for the company and I wish them every success in the future."
Ms Senior, who is the company's chief operating officer, joined Duraweld in September 2008 after completing an MBA at Stanford Graduate School of Business in California.
Before attending Stanford, she worked as a strategy consultant at Marakon Associates, and as a manager at Tesco.com.
Since joining Duraweld, Ms Senior has been closely involved with all aspects of the business, including the launch of its new website featuring the ''build your own binder'' service.
Ms Senior said: "We are thrilled to be the new owners of Duraweld and would like to thank our employees and customers for their fantastic encouragement and support.
"Our aim now is to strengthen and streamline our core business, whilst taking advantage of new opportunities along the way.''
Mr Yeung, who is the company's finance manager, joined the Duraweld team in 2009.
A graduate in manufacturing engineering and with an MBA from Harvard, Mark worked for management consultants McKinsey and Company and was part of the team which set up Tesco's ''Fresh & Easy'' retail operation in the US.
Mr Yeung said: "Whilst the economic climate continues to be challenging, we have great ambitions for the company.
"We are especially delighted that Richard has agreed to stay on as a consultant, which will enable us to draw on his vast knowledge of the industry, and help to ensure a seamless transition."
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Weather for Scarborough
Thursday 24 May 2012
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Temperature: 9 C to 14 C
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