Staff at Colchester-based Mumford & Wood, which has an annual turnover of £7m, were informed of the ownership change on October 24. Current managing director John Mumford will retire from full-time employment, but act as a consultant to help ensure a smooth transition.
PWG, which owns the majority of Mumford & Wood, intends to acquire other prestige timber window manufacturers as it bids to capitalise on growth in the timber windows market.
“I see a fantastic opportunity to grow the sales of Mumford & Wood, whilst maintaining the status the company has achieved,” said Mr Wakeman. “The Performance Window Group will also allow us to look at other strategic opportunities in the UK timber fenestration market.
“The market is reverting back to timber, driven by both the specifier and consumer’s demand for environmentally friendly quality timber products.”
Mr Wakeman, who had been planning the acquisition for about a year, said Mumford & Wood’s management team would stay in place and the company’s name would be retained.
