U.K.-based Wellman Group has changed its name to Robey-Wellman Boilers and Furnace after directors Steven Price, Leigh Bryan and Peter Gibbs, bought the company for £750,000 (approximately $1.2 million USD).
After a dispute with an international supplier that lasted 18 months, the Wellman Group called in the administrators, who have decades of experience in the industrial steam boiler industry, during the summer to discuss a management buyout. The buyout was finalized in four weeks.
The company has been in business for more than 150 years and can trace its roots back to 1840 with the Dudley iron boat and boiler making firm of Danks of Netherton.
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