2003 – A significant year in the history of Allspeeds Ltd

2003 – A significant year in the history of Allspeeds Ltd

In 2003 GEI Group PLC, the previous owners of Allspeeds Ltd, found themselves in serious financial difficulty. Allspeeds was particularly under threat because it did not fit into the general core identity of GEI companies. GEI Group were faced with various options including, selling the company, closing down altogether or the brands, Millingford, Tangye, Webtool, Kopp and Blake’s being divided up and transferred to other manufacturing sites within the GEI Group. In order to overcome difficulty, GEI began actively seeking a buyer for the business, and Allspeeds was visited by many third parties with a view of acquiring the business. Allspeeds’ management were keen to preserve the company that had been manufacturing in East Lancashire for almost 150 years. Determined to protect the business, employees and heritage, a management buyout was proposed. Extended and difficult negotiations came to an end at 9.50pm on Friday 28th March 2003 as the sale of the business and management buyout was completed. The business was run with great enthusiasm and motivation, whilst maintaining the original site and products. All members of staff responded to the enthusiasm and achieved the company’s first target of survival. Over the last 10 years substantial investment in machine tools, I.T and people have resulted in a skilled work force and company growth. Exploring innovation, new products and markets has been key to ensure that Allspeeds remain dominant and excel within the chosen markets. For example, due to technological advances the Webtool WCOS range of cutters has been updated to the RCO range, new products launched have included the HP690 intensifier panel and Allspeeds recently entered the nuclear decommissioning market. With 10 successful years completed all members of staff are proud of the company’s achievements and look forward to seeing what exciting challenges the future holds for Allspeeds. Allspeeds are confident that they will continue to expand and engineer the brands to the highest possible standards.