A FIRM building chemical storage tanks and equipment for some of the UK’s leading companies has a new owner.
Chem Resist, based at Ravensthorpe, has been bought by a team led by managing director Simon Hewitt from chairman and owner Seamus Quinn.
Mr Hewitt, 39, said the succession plan was put in place three years ago when Mr Quinn decided he wanted to take a less “hands-on” role at the company when he reached his mid-50s.
Said Mr Quinn: “Succession issues can be a problem, particularly within smaller businesses, so we elected to carefully progress the buy-out over a period of time – a process which has gone very smoothly indeed.”
Mr Hewitt said Mr Quinn would remain chairman of the company “as he is such a charismatic and influential figure within the industry and Chem Resist’s client markets”.
He said the company had already exceeded its target for turnover in 2007/8 and was on course to hit its three-year sales target earlier than planned.
But he added: “There will be no significant change to the direction of the business and we continue to make positive strides forward across all areas.”
Chem Resist, based at Ravensthorpe Industrial Estate, has annual sales of £3.2m and employs 40 people.
It designs and builds corrosion-resistant and fully recyclable chemical storage tanks, chemical mixing tanks, fume scrubbers and pumps for customers including pharmaceuticals company Glaxo Smithkline, steel manufacturer Corus, Kodak, Agfa and Thames Water.