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On 24th May 2024, The Founders and Current Directors of KwikTuf Ltd, announced that the Company had transferred to an Employee Owned business, to be run via an Employee Ownership Trust.
Since founding KwikTuf in 2005, the company has experienced year on year growth and nearly 20 years on, the former KwikTuf shareholders recognise that the company’s reputation is built upon the hard work of its employees. This along with the exit of its original Co-Founder, Nigel Thomas, prompted the decision to transfer to an EOT.
The company is proudly independent and this new ownership structure provides consistency, continuity and preserves the company’s values, whilst providing a platform for rewarding its employees, as co-owners, for their hard-work and dedication.
The relationship we have formed with our customers and suppliers over the last few years continues to be a priority. Customers can continue to be assured of the same commitment to service and quality that they have grown accustomed to from KwikTuf. This is an extremely positive event in the history of the company and an exciting milestone for the future development of the business.
Together we will continue to grow the business for the benefit of our employee co-owners, customers and associates.
Similar to a large proportion of EO businesses in the UK, KwikTuf has adopted the indirect ownership model which means that the shares are held in trust for its beneficiaries, the employees.
In this model, the Trust Board acts as guardians of the business, making sure that it is run in a way that is aligned to its values and is in the best interests of its beneficiaries.
Over the last 20 years KwikTuf has grown from strength to strength, building a business we can be proud of and we can’t wait to continue to grow and learn as an Employee Owned Business.
A Hull glass manufacturer has rapidly increased its turnover after buying a new factory. Managing Director, Nigel Thomas said: We’re able to now go out and sell extra capacity. It was about moving us forward and attracting more business.
The Wincolmlee site, once owned by an oil processing firm, was an empty shell when KwikTuf acquired it. The Company spent £1.5m on getting it ready to use, including a 20 per cent grant from the Humber Local Enterprise Partnership Economic Support Group. About £750,000 of that went on a new glass toughening plant to keep up to accreditation standards.
The extra space has since allowed KwikTuf to create about 20 new jobs... It is expecting between 15 and 18 per cent grow this year and is hoping to recruit more staff.
The money has been made available through Humber LEP's £30m Growing The Humber Regional Growth Fund (RGF) programme, designed to unlock projects that have the potential to create jobs.
The 12 grants, which have been awarded to businesses either side of the Humber, will help deliver projects costing more than £10m.
Lord Haskins, chairman of the Humber LEP, said: "It is pleasing to see the 12 Growing The Humber projects under way, with dozens more in the pipeline, and we look forward to following the progress of these business growth projects.
Jobs will be created in a variety of sectors, including manufacturing and industrial services, with diverse job roles ranging from production engineers to welders and administration.
One of the companies to benefit from the grant is KwikTuf in Wincolmlee, Hull, which manufactures toughened glass. It is using its £300,000 grant as part of a £1.5m investment to buy and renovate a 23,000sq ft building close to its existing factory, and to buy a state-of-the-art toughening plant.
The grant will also help the company grow beyond the current factory, which in turn will create at least 11 jobs, with the possibility of up to 15 jobs over the next three years.
Nigel Thomas, managing director of KwikTuf, said: "The additional investment enables our business to start the project earlier than anticipated, which has been vital in terms of retaining customers.
KwikTuf Ltd is preparing itself for a major expansion project, which involves a £1.5m investment in new premises and advanced Glaston FC500TM tempering equipment.
The Glaston FC500TM toughening plant will play a central role in future proofing KwikTuf’s business”... It includes advanced new process automating technologies, such as dynamic load pattern recognition for automatic heating profile generation, automatic roller heat control and the totally new iControLTM automation system. This assures optimum glass quality... It offers significantly higher production capacity of energy efficient, high performance and solar control glass types. Additionally, energy consumption has been reduced by up to 30% per square metre.
Despite the worst economic circumstances since the 1920’s, Kwiktuf has delivered year on year growth.
Paul Myers said: “There is no particular secret to our growth. It has been based upon the hard work and commitment of the employees and the experience of the management team in identifying profitable opportunities, differentiating ourselves from the herd by offering better service, better quality and faster turnaround. We have diversified too, breaking away from being just another toughener to offer high quality finished products, such as all glass balustrades, stairs treads, floor panels and other specialised structural glass products”
The company now offers a range of processing services, including CNC glass cutting, toughening, laminating, polishing, bevelling, drilling, brilliant cut glass, painting, sandblasting and UV bonding.
Having already outgrown the Fountain Road site and now the Main Street premise, the company is about to acquire new premises to facilitate the next phase of growth. This will allow it to separate out some of the processing functions, improving manufacturing efficiency, reducing handling and increasing the speed with which it can turnaround orders.
KwikTuf in Fountain Road, supplies toughened glass and insulating glass units to business and organisation across the region. Over the past five years, the firm has experienced year-on-year growth.
A key part of the company’s future plans has been the takeover of 12 Main Street, which is situated opposite their current location... With the expansion has come a £200,000 investment in new equipment, including a second CNC machining centre and a laminating line... The company expects structural glass panels, such as balustrade systems without handrails, stair treads and floor panels to be the main application of the machinery.
KwikTuf, which is based in Fountain Road has invested £1.25m in new equipment, which includes a recently installed toughened glass furnace and CNC Glass Cutting machine... The business aims to continue to provide a service and support to any local manufacturer with a need for a comprehensive range of glass products... Future plans include further investment in modern CNC glass manufacturing equipment, with a view to develop and enhance the range of products offered.