INTEREST has been mounting from potential buyers after it was announced that world-renowned fishing tackle maker Hardy and Greys is up for sale.
Although the owners, Harris & Sheldon, have pledged to carry on running the business if it fails to sell, Hardy’s deputy chairman Richard Maudsley says there has been a lot of interest in the 140-year-old firm.
The Alnwick-based company, which has held 10 Royal Warrants over the last century and numbers the Prince of Wales among its customers, requires investment in export markets to enable its continued success.
However, Harris & Sheldon is stripping itself of the manufacturing businesses under its control to concentrate on the investment arm of the company and has instructed Grant Thornton to look for a buyer.
Maudsley, who has been at the helm of the business in both executive and non-executive roles since 1999, said: “I was in a non-executive position with the company when the managing director left last autumn and I came back in a more active role to help turn the business around.
“We made a loss of £446,000 in 2010, partly to do with rising costs, and we thought what are we going to do? We knew we had to cut costs and that resulted in 19 people being made redundant at the turn of the year. It was exactly the right thing to do and we’re a much leaner and fitter organisation as a result.
“Our figures look more promising too. We’re on target to turnover between £10m and £12m this year and the bottom line will be better.
“It’s business as usual if the company doesn’t sell, but what we want is a new owner who can really drive it forward in the export market.”