ADEY, the firm which started in a garden shed in Gloucestershire and has gone on to become an international success story, has been sold Doncaster-headquartered Polypipe.
Just last month SoGlos reported how the then Cheltenham-headquartered ADEY was moving its entire operation onto one site at St Modwen Park in Gloucester.
Now news has broken that the firm has been bought by what is described as one of Europe’s biggest manufacturers of piping, underfloor heating and ventilation systems.
Polypipe’s acquisition comes hot on the heels its recent purchase of Honiton-based underfloor heating manufacturer Nu-Heat.
Matthew Webber, ADEY’s chief executive officer, said: ‘We are excited to be joining Polypipe and by the growth opportunities ahead.
‘The combined business will allow us better to serve our customers, which will continue to be the foundation for our future success.’
Martin Payne, Polypipe’s chief executive officer, said: ‘We welcome ADEY’s management and employees and look forward to working with them over the coming years.’
Chris Adey famously founded the firm in 2003 on the back of his own invention, which he called the MagnaClean filter, a device to improve the efficiency and performance of central heating systems.
He left the business in 2016 after a management buyout, but it has continued to thrive.
Today the Queen’s Award winner describes itself as an ‘international water treatment manufacturer and magnetic filtration pioneer’.
Even with the impact of Covid-19, its last set of annual accounts (published in October 2020), show turnover up from £40.9 million to £41.7 million and operating profit up from £11.16 to £11.66 million.
In 2019 it saw an incredible rise in turnover of 256 per cent from £11,495,000 to £40,972,000 and profits by 255 per cent from £3,550,000 to £12,603,000.
By Andrew Merrell