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New owners for Avocet Hardware after management buy-out

Published: 16 November 2007
British team buy Yorkshire-based door and window business from US parent.
Avocet Hardware has new owners.

A team of three – Ian Jones, Michael Tuck, and Kevin Harvey – have taken over the business from US parent Masco for an undisclosed sum.

Masco, which owns several other UK and European-based home improvement and construction companies has seen sales slide in the US.

To stem a sales slide, the US company's management has been focused on plant closings, headcount reductions, sourcing changes and consolidation of its market position.

Yorkshire-based Avocet operates two divisions – the Door & Window Division, and the Hardware Division. Its combined turnover in 2006 was more than £40m.

Ian Jones will become chief executive of the business while Michael Tuck takes on the role of managing director, Hardware Division. Kevin Harvey, a former sales director of Avocet Hardware, is rejoining the company as managing director, Door & Window Division.

Existing chief executive Jim McCarthy will assist with the transition of ownership before he leaves at the end of the year.

Ian Jones said after years of consolidation, the business is well positioned to expand.

He said: "The acquisition reflects the management team's confidence that the business is well placed to enter a new and exciting phase of business growth.

"This year we will see sales grow by over 15% and similar growth is expected in future years as we continue to take market share away from our competitors."

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