Change of management for power distribution equipment maker
An electrical equipment maker is under new leadership after its founder decided to retire.
Sapphire Controls, based in Roundtree Way, Norwich, has been taken over by chief executive Robert Doe and chairman Keith Reynolds in a management buy in and buy out (Bimbo) which has seen Andrew Rackham retire from the business after 30 years at the helm.
The company works with customers such as the NHS, O2 Arena, Channel 4 and banks such as Barclays, Deutsche Bank and Royal Bank of Scotland.
Mr Rackham said: “As the only member of the management team leaving the company, my objective was to leave it in capable hands to safeguard its long term future and keep it in Norwich. Many of the staff have been with the company for more than twenty years and have a wealth of experience to offer the new owners.”
The deal has been overseen by corporate finance specialists Watersheds.