MBO at Mills Manufacturing Technology heralds new management structure
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Following an equity restructuring, Mills Manufacturing Technology's former managing director Mike Jenkins is set to reduce his involvement in the business and hand control to Nick Frampton.
Management and control of the business, the exclusive UK agent for Doosan brand machine tools, has passed to the newly promoted managing director, Nick Frampton (pictured); finance director, Nav Ahluwalia; and technical director, Andrew Jack.
The transaction is funded by the incumbent bankers, Barclays, a long term supporter of the business. Mr Jjenkins will, in the short-term, work with the team to ensure a seamless handover prior to stepping back into a non-executive position.
Based in Leamington Spa and employing 63 people, Mills claims to be the UK’s largest independent distributor of CNC machine tools and manufacturing solutions with a turnover in excess of £34 million.
Nick Frampton said: “I am delighted to be leading such a professional and dynamic team. Our focus will be to continue to offer our customers a great Doosan product with the best support in the industry.”
Mr Jenkins said: “I have enjoyed my years at Mills but I feel that the time is right to hand over control to Nick and his team. As an investor in Mills, I am extremely confident about the future growth and success of the business.”
Doosan Infracore, Korea, has confirmed its commitment to Mills’ new management team by signing a new long term distribution agreement with the company, reports Mills.
