Eddingtons chairman and founder Brian Rogers is stepping back from the everyday running of the company after the sale of 85% of its shares.
The housewares supplier has been taken on by a new management team comprising Roger Murphy, Paul Steele and John Coda, all of whom have extensive experience working in consumer product businesses. All three will be immediately involved in the operation of the company.
Roger Murphy will be the new managing director, John Coda finance director and Paul Steele takes on the role of marketing director.
The remaining 15% shareholding is to be retained by Brian Rogers. He said: “I first met with Roger, Paul and John in April, and throughout the sale process became increasingly reassured that the Eddingtons business will be in good hands.
“The change of ownership will assist the business to move to the next level and will also allow me to step back from the day-to-day operation of the company. However, I am delighted to retain a meaningful shareholding and will actively continue as a board director, focusing primarily on the strategic direction of the business and in continuing to bring great new products and ideas to market.”
Richard Walker, who alongside Rogers built the company to its present level, will remain in the business in the new role of commercial director.
Murphy said: “”We are absolutely delighted to have reached this agreement with Brian and the team. Eddingtons is a fabulous business and the Eddingtons brand is shorthand for innovation, with an enviable track record of delivering great new housewares products to market. Working closely with Brian, Richard and the existing team, we see lots of opportunities for further growth in our UK and international markets.”
A key factor in the decision to sell a majority stake in the business was the commitment that the Eddingtons head office and warehouse will continue to be based at New Hayward Farm in Hungerford, Berkshire. Discussions are already underway on expanding warehouse space to support planned growth.
Brian Rogers said he was keen to reassure existing customers and suppliers that the transition of ownership will be seamless. “It is business as usual,” he said. “All Eddingtons’ customer contacts will remain the same. The entire Eddingtons company is looking forward to this new chapter in the business and continuing to work closely with all of our customers and suppliers.”