04.02.2008

Carrington acquires 100% of King

Mark Carrington, managing director of King Trailers and King Highway Products – the parent company of SkyKing, has acquired all of the shares in both companies that he did not already own.

The move follows the departure of finance director Vinod Thakrar who joined Carrington in the buy-out of the company from 3i in late 2005.
See King Buyout

The King businesses had a combined revenue last year of £16 million all of which came from heavy trailers, access equipment and traffic management products.
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Mark Carrington with a Bluelift

Having served as head of finance for King for 19 years, Thrakrar was looking to move out of the industry and acquire a business in another sector.

Carrington said: “King is a well established brand but we operate in a difficult manufacturing sector. While there are many opportunities for further development in the sectors in which King operates, the industry economy seems to lurch from one problem to another. Today it’s component shortages affecting an otherwise healthy order book.”

“Whilst my feet are welded to this industry, having been involved in it all my life, Vinod is an accountant and can take a wider view of his transient skills and opportunities. We have parted on amicable terms and I understand fully his decision after being partners for 14 years”.

Richard Brown takes over from Thrakrar having joined King as Finance Director on January 2nd from Chemence Limited a producer of industrial adhesives and polymers.