Management buyout at DavyMarkham
1 min read
Kevin Parkin and Duncan Hay, who have been acting as interim managing director and interim financial director respectively, now take permanent positions on the DavyMarkham board following a management buyout.
The buyout of the heavy engineering firm was supported by Endless LLP, the Yorkshire-based buyout and turnaround fund. The investment will underpin the company's turnaround and enable DavyMarkham to re-establish itself as a world-leading brand in the heavy engineering market.
"DavyMarkham has been through a significant turnaround over the last 18 months and we have been supported all the way by our skilled and dedicated workforce. The investment and strategic support from Endless will allow the business to grow from strength to strength," said Mr Parkin. "This is great news for both the employees of Davy Markham and South Yorkshire in general, and Duncan and I are pleased to be part of it."
In recent years the combined group has supplied large infrastructure products to prestigious projects such as the Thames Barrier, the Channel Tunnel, the Millennium Bridge and Heathrow's Terminal Five. Davy and Markham have a strong history in the South Yorkshire area, with both companies originating in the 1830s. They came together in a merger in 1997. DavyMarkham now benefits from a worldwide customer base, working closely with its neighbours Sheffield Forgemasters and Siemens VAI to ensure Sheffield remains at the centre of global heavy engineering expertise.
The £14 million-turnover company employs 170 people in Sheffield and there are plans both to recruit more employees and launch an apprenticeship scheme to protect and develop skill levels for the future of the business and the region.
Caption: (left-right) Kevin Parkin, MD DavyMarkham, Chris Clegg, Investment Director Endless LLP, Don Gray, Director Ingram Forrest Corporate Finance, Duncan Hay, Finance Director DavyMarkham.
