A WORCESTERSHIRE furniture maker has negotiated a management buy-out with its umbrella organisation.
Gordon Russell has agreed terms with the Steelcase dealership network for a management buy-out by its managing director, Tim Summerley, and Steelcase's creative solutions director, Barry Wilson.
Completion is set to take place on Monday, July 1.
The move is consistent with the successful implementation of the business plan established two years ago that aimed to make the Broadway furniture maker a more independent business, by focusing on a specific segment of the market.
"The decision to accept the management buy-out offer has the full support of both local and international Steelcase management and we will continue to offer support to Gordon Russell in the form of showroom space, IT services and operations," said Patrick Dancourt, managing director of Steelcase Plc.
Continue service
Gordon Russell will continue to provide service to the Steelcase network of dealerships.
"We are delighted to be able to ensure the future of the company in a way that reflects the original values and entrepreneurial skills of its founder, Gordon Russell," continued Mr Dancourt.
"I believe that the skills and experience of its new independent management provide the ideal formula for success."
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