'New era' after management buy out at Bridgnorth's Grainger & Worrall
Grainger & Worrall has announced the completion of a management buyout and appointment of a new board as part of a 'new era' for the Bridgnorth business.
The deal has ensured the transition of control for the business from the Grainger Family whose involvement has been integral to the business since its formation 77 years ago.
Grainger & Worrall operates from one site with more than 650 staff and is a world leading provider of high quality casting, machining and engineering solutions for prototyping, motorsport and supercars.
Its global customer base includes several Formula One teams – Tesla, Lucid, Porsche, McLaren, Maserati, Bugatti and Aston Martin.
The completion of the buyout, which coincides with the formation of an umbrella brand, Evolution Castings Group Limited, heralds a new era for the business with the new board, led by Executive Chairman, Andrew Burn.
The new management team have ensured a share of the value of the business will be made available to eligible employees
Mr Burn 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."
Edward Grainger, on behalf of the family,said: “We are fully supportive of the management buy out 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 said “As with any important business change, we will continue to work closely with our customers and suppliers, and we are 100 per cent. focussed 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.”
