New owners take the lead at Titan
Titan, a St Neots-based engineering company which started life as a motorsport racing team and now employs eighty people, has completed a management buyout (MBO), ably assisted by Geoff Hazlewood from Ashtons Legal. The company has grown in mainstream automotive engineering over the last decade and is now a leading supplier of components to high performance vehicle manufacturers (OEM’s) whilst also developing and supplying complex steering technologies for advanced vehicles.
Oz Timms and Diana Thomas are retiring after 40 years and transferring ownership to a new shareholder team comprising of George Lendrum (CEO), Eamonn Byrne (CFO) and Michael Sheridan (COO). The new shareholders have been part of the Titan leadership team for several years thus there will be no disruption to staff, clients, and other stakeholders.
The CEO at Titan, George Lendrum, said: “The change of ownership at Titan is a significant milestone for the business. Oz and Di deserve much respect for the way the company has developed, and we will continue along the same path which we have overseen in recent years. At present, there are many exciting and innovative projects going on in the automotive sector, and Titan has worked diligently to be part of the electric revolution as a supplier of innovative power-assisted and autonomous steering technologies. The company is also diversifying its offer into adjacent scientific markets requiring similar manufacturing services.”
He added: “As a result of prior planning and first-class support from our professional advisers, the MBO will deliver a seamless leadership transition. We will continue to provide excellent customer service and exceptional manufacturing to exacting quality standards whilst also remaining commercially competitive. We will ensure that our staff are given opportunities to develop their careers owing to the new market opportunities and the advanced machinery utilised at Titan. Our sales pipeline is strong and therefore Titan can be confident of a dynamic and exciting future.”
Geoff Hazlewood said: “It has been a pleasure working with George, Eamonn and Michael to get the MBO over the line and I wish them every success for the future development of the business. Titan has a fascinating history which I am sure they will build on.”
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