Buyout of Gateway Chassis means the purchaser has hit its 2020 turnover target four years early
Wheel Solutions, a specialist in wheels and tyres based in Hednesford, Staffordshire, has bought Gateway Chassis Ltd, a Kingston upon Hull manufacturer of steel chassis, for the caravan holiday home and park home sectors, in a deal completed on November 7.
Gateway Chassis will now join the Wheel Solutions Limited (WSL) group of companies, which also includes TyrePal Ltd, Chassis Solutions Ltd and Wheel Solutions Ltd. The resultant group is now a £20M plus turnover business, employing 110 people in three sites across the UK.
The business has been acquired from Point Engineering (Hull) Ltd, which will remain a key supplier to Gateway Chassis and the industry overall.
Wheel Solutions Group Ltd expects both companies to continue servicing their existing geographical and vertical markets to the high standards they have delivered until now.
Steve Budding, managing director of Wheel Solutions Ltd Group explained:
This brilliant acquisition will push our group turnover past the £20M mark, well in advance of our target – which was to achieve that landmark by 2020. The purchase complements our existing group, particularly Chassis Solutions, which specialises in chassis for the park home sector in Northamptonshire.
The Wheel Solutions Group will not be re-branding its latest acquisition; nor will it be downsizing any of its companies in any way. In fact, the company expects to increase its workforce by ten percent, including several apprentices, in the next twelve months. There will be no consolidation of its sites and both will receive short and long term investment.
This move represents our third significant acquisition in three years.
Our progress, from a £6M turnover business when the 2008 recession hit, to our current status is genuinely remarkable. But it’s not the end, we are still acquisitive and we are very focussed on organic growth in all four of the companies and across the group.
Jonathan Rollison, joint owner and director of Point Engineering explained:
Point Engineering Group acquired Gateway in December 2008 and moved production from Gilberdyke to Hull in 2009.
Since then the company has grown year on year and now employs 60 people manufacturing quality steel chassis. The company has more than doubled in size during its time with the Point Group, and joint owner and director Steve Norton, myself and the other members of the management team believe this move will benefit employees, customers and suppliers as the result of new investment and drive from Wheel Solutions.
Both directors of Point Group wish to thank all those people who helped influence positive change and offer their best wishes to everyone involved in the Gateway Chassis Limited journey.
Ian Chamberlain, the general manager of Gateway Chassis will become director of the Wheel Solutions Chassis Division, ensuring a natural and sustainable development across the business. Meanwhile, Andy Buchan, production manager at Gateway Chassis and Claire Tindale-Smith, customer and commercial support, will both also be promoted, creating further stability in the company’s existing structure.
At Chassis Solutions, Steven Rodd and Samantha Morgan, who have production and accounts roles respectively, will both also be promoted. Both companies will continue to be focussed on commitment to product development and production and delivery of high quality chassis, with the highest possible standards of service and quality assurance.