MBO marks milestone for Lincoln company

Manufacturing and distribution company managers are celebrating an important milestone in a Lincoln firm’s history – after becoming its new owners.

The Greenstock Lamp Company’s Managing Director Stuart Raffles and newest Directors – Lewis Keilty (Sales & Purchasing) and Cheryl Hutchins (Production) – are poised to grow the multimillion-pound business after completing a Management Buyout. (MBO)

News follows the retirement of long-standing director Clifford Bulgin, who was the driving force behind Greenstock Lamp’s fortunes for a quarter-of-a-century.

Managing Director Stuart Raffles said: “We are over the moon to have completed the MBO. This is something we had all been talking about for some time and it has come about by mutual agreement.

“The company is in good shape and we are expecting turnover to breach the £4 million mark during 2021/22.

Sales & Purchasing Director Lewis Keilty said: “Despite the challenges experienced over the past few months, we can clearly see the company going from strength to strength, with exciting developments in the pipeline.”

The company, which is based off Whisby Road employs nearly 50 people, including 20 outworkers. Staff are busy completing orders across its three divisions – OEM (original equipment manufacture) – in-connect; Greenstock lighting and Greenstock shatterproof.

“It’s great to have an excellent workforce behind us and really low levels of staff turnover. Several employees have been with us for 15 years or more,” added Lewis.

With wide-ranging expertise and capabilities, Greenstock is proud to provide solutions for a diverse customer base, in the form of “off the shelf” or bespoke solutions. The latter allows the team to work closely with clients on projects from the design stage, through development to point of sale.

With Directors keen to achieve a 20 per cent lift in sales, compared to the pre-Covid period, the OEM division is poised to lead the way. A specialist in cable harnesses, over-moulded products and pcb encapsulation, it already accounts for 80 per cent of company sales to the marine, automotive, construction, utility, metering and medical industries.

Greenstock routinely produces cables and connector mouldings for wheelchairs, electric vehicle charging units, air conditioning units and smart energy systems.

Other customers lie within the health, leisure, retail and food production sectors. Greenstock lighting division’s LED spot and flexible strip lighting systems are a winner with retailers needing sensitive lighting. Products are also fitted into caravans, mobile homes and household products. Some systems feature integrated Wi-fi and Bluetooth “feedback” technology.

Shatterproof lamps give reassurance to food and drinks manufacturers keen to safeguard production lines against accidental glass contamination.

Production Director Cheryl Hutchins said: “We are really looking forward to growing our worldwide customer base and to investing funds back into the business.”