Hyde Sails majority stake sold
By IBI Magazine
Edward Hyde, cofounder of British sailmaker Hyde Sails, has sold the majority of the shares and control of the business to Nigel Grogan.
Although Mr Hyde will no longer be a director at Hyde Sails, he retains a stake in the company and has been kept on as a consultant.
Grogan has consulted for Hyde Sails for the last two years. He is a keen sailor and owns a number of boats.
"After a period of rapid growth as a result of moving production to the Philippines I have decided to sell the majority of the shares and control of the business to Nigel Grogan who has the management and business skills to develop the Hyde brand," said Mr Hyde in a statement.
Hyde Sails will remain based on the Hamble River, Hampshire with offices and a new service facility in Swanwick. The wholly owned production sail loft in the Philippines now employs over 200 people in 50,000 sq ft of space and manufactures over 40,000 sails per year for dinghies through to yachts.
(6 March 2008)
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