Management team to stay with business, except Tom Kelly and director Hayley Kelly
Distributor of kitchen and bedroom doors, accessories and components TKC has undergone a management buyout, with support of private equity firm NorthEdge capital, for an undisclosed sum.
It will see the current management team, which includes commercial director Chris Hazlehurst, finance director Paul Arrowsmith, operations director Dave Grayson and supply chain director Brian Wade staying with the business.
However, founder Tom Kelly and director Hayley Kelly will both exit the business. TKC was founded in 1989 when Tom Kelly started selling edging tape and MDF profiles from his garage.
Now the company is based in purpose-built premises measuring 85,000sq ft, employs 128 members of staff and has a turnover of £19million to September 2015.
Commenting on the buyout, Tom Kelly said, “During my 26 years at the helm of TKC I have forged some fantastic contacts and made some great friends within the KBB industry. I have thoroughly enjoyed building and running the business but I feel the time is right to bow out and I am confident that private equity is the best route for the company to support its continued expansion.
“The market is buoyant at present, and the business will benefit from NorthEdge’s investment, which will enable the team to maximise growth. With the support of NorthEdge and the top quality management team, I am confident that TKC will continue to go from strength to strength.”
Speaking on behalf of TKC’s management team, commercial director, Chris Hazelhurst, adds, “The buyout marks the start of a new and exciting chapter for TKC. I personally have worked at TKC for over 25 years and have watched the company thrive and grow into the great business it is today.
“We have an exceptionally strong set of people here at TKC and it is the combined team’s hard work, dedication and determination that have enabled us to reach our current position. We are all excited about the future and looking forward to taking TKC to the next level, whilst ensuring we retain the same customer-focused ethos with which TKC has become synonymous.”