Family owned Group, £60m t/o
Manufacturer of specialist lubricants – export to over 70 countries, Queens award for Export and Innovation
The business is longstanding (over 200 years) in family ownership – 2 families.
The growth of the business – and more complexity required a change in governance from a board made up of predominately family members. The Chair and CEO recognised that to ensure a long future change was required.
Firstly Strategy Matters worked with the Chair and CEO on a review of the governance structure – and development of options that were then considered by the board so that agreement could be secured. The preferred option – the creation of a board that had the prime responsibility of developing and overseeing the implementation of the strategy of the business. This created a two tier structure allowing the ‘family’ board to provide overall scrutiny whilst the Strategic board, (Composition – representatives from both families along with recruited Non Executive Directors) worked with management to grow the business.
Secondly, Strategy Matters worked with the strategic board developed a new long term strategy to move from manufacture of products for the wholesale market to developing high value niche market solutions in specialist sectors.
14 years later, the Group has grown from £30m to £60m, profitability increased, cash reserves in excess of £10m exports grown significantly. Strategic outcomes to move to specialist solution provider have been met. And the Governance structure has remained in place providing stability, continuity and succession.