Woollard & Henry
Since The Baxi Partnership financed a £1.3 million employee buyout in 2002, turnover at Woollard & Henry has climbed four-fold with diversification into new products and markets.
Established in 1878, the Dyce-based company is a renowned manufacturer of dandy rolls - a cylindrical mechanism for putting watermarks and designs on paper.
When the major shareholder, Alistair Henry, fell ill and retired, the company was faced with closure. Baxi Partnership saw potential in the skilled and committed workforce and approached the company to fund an employee buyout.
"In effect this was a highly leveraged buyout with the debt attached to the company rather than to individual employees," explained Managing Director Fred Bowden.
Since the deal, Woollard & Henry's core fabrication skills have allowed it to diversify into currency-making equipment, which is sold around the world, and the design and supply of fabricated steel people carriers known as 'frogs', used to transport offshore personnel between ships and rigs. The company won a Queen's Award for Enterprise in April 2009.
The company's weekly meeting on a Friday is a crucial employee forum, keeping everyone informed of company performance and allowing questions and ideas to be discussed.
Woollard & Henry's sales to labour percentage - its measure of productivity - has improved significantly since the employee buyout. Staff turnover is also low, with an average length of service of 11 years.
Bowden said:
"By involving people in the development and implementation of strategic options for growth, we have enhanced our skills, identified new markets, and diversified into different product offerings."
Visit the Woollard & Henry website for more information.
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