Yorkshire-based company Mend-A-Hose Hydraulics Limited is continuing the success story of the family business by passing it into the hands of the third generation.
Mend-A-Hose has been operating since 1991, providing hydraulic and pneumatic products and services nationally, with several depots around the country including Castleford, Leeds, Warrington and Coventry.
Blacks Solicitors LLP handled the succession planning and management buy out which saw Marie Rostron and John Duff (Jnr) who are the daughter and son of Managing Director John Duff (Snr), acquire the majority share capital of Mend-A-Hose Hydraulics Limited. The MBO was completed with support from John Beevers at Sagars Accountants.
Dave Paterson, partner at Blacks Solicitors, said: “We were delighted to support Mend-A-Hose on the transition of the business to the next generation of the Duff family. John Duff Snr took over from his father and mother in 2006 and the business went from strength to strength. We are sure the same will happen now Marie and John Jnr are at the helm and we wish them all the best for a successful future.”
John Duff (Snr) and his wife Carol will retain a small shareholding, and an investment opportunity was taken by Simon Wood, a long standing key member of staff and also part of the family.
Marie Rostron said: “We had a strong desire to preserve the jobs in the company. Our most valued asset for success is our employees and people have worked with us for many years. We wanted to retain control of the company rather than sell to a third party so that we can ensure this happens. We did have a couple of very attractive offers but our staff mean more to us, hence preferring the MBO route.”
Simon Wood said: “I have a sound knowledge of all aspects of the business. I very much look forward to bringing that base understanding into the leadership of the company, continuing the growth of the business and the legacy left by my father in law.
“In any business it’s important to develop and innovate, embrace change and, particularly in the current climate, adapt to the new norm, these are key aspects to the future of Mend-A-Hose and it is this that inspires me to invest and work with Marie and John to move the company to the next phase.”
John (Jnr) said: “We now need to let the dust settle, get a better understanding of how the country will recover from the Covid-19 situation, we can then consolidate what we have built and move towards our future plans.
“It has always been a personal ambition to take the rains from John Snr since being very young. When we decided to start the process of an MBO we had a vision of putting a team in place to take the company to the next level like John Snr did ten plus years ago and although he will always be involved in some way or another, I feel we have a team in myself, Marie and Simon to do this, along with the strong management team supporting us.”
Marie has worked in the business with her father since 2006 and John (Jnr) joined them in 2009. There had been a longstanding intention to pass the company from generation to generation. Simon joined MAH in 1993 as an engineer and has been involved in most areas of the business during his tenure.
John Duff (Snr) added: “I am incredibly happy to pass the company down to my children, who were both already heavily involved in the business. I am extremely proud of the work ethic instilled in us by my father and for my children to demonstrate that very same approach is tremendous.
“Business is a continual evolution and, whilst we have been planning this for some time, the opportunity has come along and all involved have embraced it.
“I am equally delighted that Simon has been able to join both the shareholders and the Board, his experience and enthusiasm for the company has been a major contribution to getting us where we are now. Whilst I won’t be involved in the day to day running of the company it is my intention to remain associated for the foreseeable future to support the team in any way I can.
“I would also like to thank all the team at Blacks Solicitors and also Sagars Accountants for their enthusiastic efforts in getting this done with minimal fuss and disruption.”