A management buyout (MBO) has been completed at the West Yorkshire based national tooling supplier Cutwel Ltd.
Cutwel operates from purpose-built 24,000 sq ft distribution facility in and specialises in the supply of precision cutting tools, machine tool accessories and precision measuring tools to the UK and Irish engineering industry.
Since founding the company in 1996, husband and wife Paul and Mary Hawksworth have invested in Cutwel's sales and technical teams, increasing headcount to more than 50 people. It has achieved year-on-year revenue growth from £6m in 2012 to more than £16m in the year to April 2018. Cutwel are the UK agents for major international manufacturers including YG-1, Korloy, Gerardi and Insize.
"The management team at Cutwel, led by Adam Gillard, Graham Short, and Shaunie Mangham and under the guidance of former owners Paul and Mary Hawksworth, has built a business with its people at its core, and in doing so has delivered strong year-on-year growth and a leading reputation in the sector for providing expert information and advice to its clients."
The MBO is backed by Leeds based private equity company NorthEdge Capital. The funding will support Cutwel as it continues to scale its sales team with investment in recruitment, training and product development. The company aims to double the headcount over the next four years to over 100 employees with the ultimate aim of doubling turnover within the next 5 years.
Adam Gillard, general manager at Cutwel, said: "We are proud of what Cutwel has achieved over the past 20 years, combining great products with excellent customer service. This investment is the next step on that journey. We look forward to further strengthening our team, grow our suppliers' brands and continue the strong momentum our talented team has generated to date."