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Managers win Shelvoke
Page 18
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• Shelvoke Dempster, the refuse collection and road sweeping vehicle manufacturer, has been bought by its management after parent company, Krug International, spent a year looking for a buyer.
The buyout was led by managing director Alan Harris, financial director Allan Morris and operations director John Gill. The purchase price has not been revealed, but Harris says the possibility of a management buyout was brought within their range three to four weeks ago: "We had not been involved with the negotiations at all until that point. We prepared our business plan very quickly as we wanted to complete in time to take advantage of the Institute of Wastes Management exhibition in Torbay where we announced the deal, and launched two new products."
Shelvoke Dempster is to be renamed Shelvoke by its new owners who plan to extend ownership options to their 194 employees based at the company's headquarters and manu facturing operations in Letchworth, Herts, and seven palls and service depots across the UK. "The company has an annual turnover of 212m and will take two years to break even and three years to return to profit," says Harris. His plan is to maintain production at 130-150 units per year and consolidate the investment made in the past 18 months. "We intend to take advantage of the 14% per annum growth in the waste industry."
Shelvoke has almost 20 of the waste disposal vehicle market in the UK. It exports to 43 countries and overseas sales account for 20% of its income.
The proposed sale of Shelyoke Dempster was announced in June 1989 by Dayton, Ohiobased Krug International, as part of a corporate restructuring programme.