A management buyout has been completed at Shropshire-based
Grainger and Worrall Ltd and a new Board of Directors is now in place. Operating from one site in Bridgeport and employing over 650 people, the company is a world-leading provider of high-quality casting, machining and engineering solutions for prototyping, motorsport and supercars. The global customer base includes several F1 teams, Tesla, Lucid, Porsche, McLaren, Maserati, Bugatti and Aston Martin.
The completion of the MBO which coincides with the formation of an umbrella brand, Evolution Castings Group Ltd, heralds a new era for the business. The transaction has provided the business with an appropriate structure to make it possible to bring new funding into the business and to enhance the organisation’s inclusive culture. As part of the changes, the new management team have ensured a share of the value of the business will be made available to eligible employees.
The new board, led by executive chairman Andrew Burn and supported by new and existing members of the company’s management team will take the business forward and deliver the Group’s future growth strategy. He said: “Like many automotive suppliers, Grainger & Worrall has had its fair share of challenges over the last few years but this transaction marks an end to those difficulties. I am delighted and honoured to work with such a high-quality team who are already embracing the enhanced, more inclusive and empowering culture.
The deal has ensured a seamless transition of control for the business from the Grainger Family whose involvement has been integral to the business since its formation 77 years ago.
Izzy Gardiner, human resources director, said: “We expect to continue with our current business strategy and the plan that has been created for the MBO has identified a number of global opportunities and developments for us to explore in the near future.”
Edward Grainger, on behalf of the family, said: “We are fully supportive of the MBO team and the exciting plans that are already in the process of being implemented. It is fantastic to see the spark in the business returning after several turbulent years and there is no doubt in our minds that the business will go from strength-to-strength.”
Jay Schofield, Group commercial director, concluded: “As with any important business change, we will continue to work closely with our customers and suppliers, and we are 100% focused on bringing the best of our heritage, engineering expertise and customer service to optimise the results that our customers expect of the whole Grainger & Worrall team. There are some very exciting times ahead of us in the business and it is great that we operate as one team for the greater good of the whole business and the communities which we are part of.”