Investment in tool maker a UK manufacturing boost
A SPECIALIST Hull manufacturer is looking ahead with confidence after getting major investment from an ambitious new owner over the line.
Paragon Toolmaking was established in the city in 1969 and has become a world-leader in the design and manufacture of specialist press equipment.
It is used in industries from aerospace and automotive to the construction, medical, food, pharmaceuticals and white goods sectors. Clients range from near neighbours Ideal Boilers and Swift Caravans to Jaguar Land Rover and Aston Martin.
Daniel Beaumont, son of former England rugby union and Question of Sport captain Bill, has acquired the business from previous owner,
Lancashire’s Pexion Group, and feels the company can expand rapidly given its ability to help other businesses innovate.
The qualified accountant has experience of managing a successful UK business and was the sixth generation of his family to run
Beaumont Textiles, also in the red rose county, taking over the reins from his father Sir Bill, now chairman of World Rugby.
Daniel was at the helm for eight years and eventually led it through
sale, and having targeted specialist and niche businesses to invest in, saw Paragon as the perfect fit.
“The manufacturing knowledge, expertise and skill in this business completely blew me away when I was first introduced to it last year, particularly in that the business is a problem solver for others in the manufacturing and product production sectors,” he said.
“Having sold my family business last year I was very keen to invest in onshore UK manufacturing businesses.
“Quality British manufacturing is essential given the many possible implications associated with Brexit, and all the issues we have all collectively faced over the past ten months. We have to be able to produce more as a nation and compete with the low cost of the Far East through our quality and value.
“I am not from a specialist toolmaking background at all, but what I immediately saw in Paragon was expertise and knowledge, which I know gives us a real competitive advantage in high-value and complex manufacturing projects.”
Kevin Batty, general manager, welcomed the investment injection, with latest figures, for 2018, showing a near £300,000 loss. It turned over around £2m last year, employing a team of 23.
“It comes at a perfect time given we are seeing a clear shift back to onshore manufacturing in the UK, especially with Brexit causing concerns over potential tariffs and other issues,” he said.
“Our long-term customers have always known and appreciated the huge value we can offer through our industry-leading expertise, our extensive toolmaking ability and our drive to deliver a product and service, which does exactly as a client needs, as efficiently as possible.
“They want the very best machinery to help them develop the best products at maximum efficiency, and that is what we have done for UK manufacturers for 50 years, whether they need the most intricate or simple parts and products manufacturing, or the largest to smallest.
“Daniel recognised that Paragon is perfectly positioned to build upon the move back to onshore manufacturing as it is already a market leader in its niche market.
“We plan to build upon our strong reputation and expertise to expand the business.”