Independent merchant AW Lumb has been sold as part of a management buyout.
The independent builders' merchant, which has two large depots in Dewsbury and Tamworth, has been sold in a management buy-out (MBO) led by current executive chairman and managing director John Cureton.
Joining him in the MBO as shareholders and directors of the business are the existing senior management team of Trevor Jones, Mike Smith, Gavin McEntee, Martin Keay and Andy Roberts, who between them have over 150 years of service at Lumbs.
The business was founded by Arthur W Lumb in 1964 and has been owned by the family for over 50 years, although it has been actively managed by the current senior management team for the last 15 years. The family is now happy to step back from the company and watch it take the next positive step forward for the future.
From a single depot, the family business grew to a £35m turnover company that provides housebuilders, plasterers, civils and building contractors of all sizes with building supplies, serviced by a dedicated fleet of 23 vehicles and over 80 employees. The executive management team plan to build on Lumb's strong position in the market to take the company forward in the coming years, to expand their regional presence beyond the current 50 mile radius around each depot.
"This can only be great news for our customers, employees and suppliers. The deal isn't about change; it's about protecting the core values of the business, which have been in existence since the company was formed over 50 years ago. This MBO ensures the retention of the leadership team and enables a longer term strategic focus, which will ultimately help the business to achieve its ambitious growth targets," said Mr Cureton.
"It's about continuing to put the customer first throughout the lifecycle of the buying experience, from initial contact with our sales team, right the way through to the delivery of the products. These are the family values which the business was built upon and which we will continue to make our priority in the future.
"I am delighted to be working with the same key people on the senior management team, who have made us into the strong company we are today and that has the prospect and real desire to become a much bigger player within the builders' merchant sector in the future. We are extremely pleased to pick up the baton from the Lumb family and we would like to take this opportunity to thank them publicly for this great opportunity given to us.
"We now look forward to continuing and developing our trade with both suppliers and customers and, most importantly, safeguarding and furthering the careers of employees who have spent many years with the company and just as importantly remaining as an independent builders' merchant," Mr Cureton concluded.
