Buckingham-based distributor Inox Equip is back in private hands after sales director Chris Hay led a management buyout.
The business had previously been sold to Photo-Me International (PMI) on 1 August 2017.
Hay has now become the MD of the company and detailed: “Late last year Inox Equip merged with another PMI subsidiary to form a business called RevMax.
“It soon became clear that the synergies were not as beneficial as first thought. I made an offer on the business early this year and after some negotiation, we agreed a sale; with PMI continuing on its path and Inox able to focus on kitchens and laundries.”
He underlined that the company has kept its staff, offices, supplier and customer base, emphasising: “We will continue to grow the business. The business has returned to an owner operator status where I think it is strongest.”
Hay has been a part of Inox Equip for 10 years, with previous directors Jeremy Walding and Mark Kendall employing him straight from university. He started as a CAD operator and worked his way up the business as a project manager, operations manager and sales director, to his current MD role.
He commented: “I understand the business thoroughly and have a great team who have themselves been at Inox for years. I know and understand our customers, the challenges they face in their operation, and how we can help them.
“My aim in my new position is to maintain and develop Inox Equip’s strong reputation, developing and adding to its staff as we grow, offering more to our customers and working more closely with our supply chain.”
Hay is targeting making the most of the firm’s ability to react to the developing market, “ensuring we remain lean and agile enough to adapt to the uncertain market conditions”. He concluded: “I think we are still in an unstable period for our industry but there are opportunities in that instability that we can act upon to stay ahead.
“The positive uptake in returning to pubs and shortly restaurants as well, along with the likelihood of a higher proportion of holidays booked as domestic this year, should give our industry a good shot at a solid recovery. I’m optimistic about hospitality’s recovery from the last year and Inox will be there to support it.”