Machine Tool Distributor sees Management Team Step Up

Date: 29 August 2008

On the 29th August 2008, Mills Manufacturing Technology Limited, the exclusive UK distributor of Doosan Machine Tools, completed an equity restructuring that passes management and control of the business to the newly promoted Managing Director, Nick Frampton, Finance Director, Nav Ahluwalia and Technical Director, Andrew Jack.

Based in Leamington Spa and employing 63 people, Mills is the UK's largest independent distributor of CNC Machine Tools and Manufacturing Solutions with a turnover in excess of £34 million.

The transaction is funded by the incumbent bankers, Barclays, who have been a long term supporter of the business, and the current Managing Director, Mike Jenkins. Mike will, in the short-term, work with the team to ensure a seamless handover, prior to stepping back into a Non-Executive position.

Managing Director Nick Frampton said "I am delighted to be leading such a professional and dynamic team. Our focus will be to continue to offer our customers a great Doosan product with the best support in the industry."

Mike Jenkins said "I have enjoyed my years at Mills but I feel that the time is right to hand over control to Nick and his team. As an investor in Mills I am extremely confident about the future growth and success of the business."

Doosan Infracore, Korea has confirmed its commitment to Mills' new Management Team by signing a new long term Distribution Agreement with the company.