A new strategic team will take control of Bamber Bridge-based QED as the owners step back from day-to-day duties.
David Arrowsmith and Ian Smith established the security products supplier in 1997 and while they are set to retire on June 30, they will retain ownership of the company.
Current managing director Matt Philp taking overall operational and management responsibilities.H
He will be supported by a new strategic team will including Ian Garden, sales manager, Catherine Seddon, marketing manager, Andrew Judge, finance manager, Hannah Whittle, operations manager and Steve Constantine, product development director.
A statement from David Arrowsmith and Ian Smith read: "In the last 20-plus years we have seen the business grow from strength to strength, weathering some difficult times and we have never been so grateful to our team who, responding to the recent unprecedented events, transformed and changed our company in just a few months to meet the challenges we all faced. Our colleagues adapted, changed and moved mountains and we will be forever grateful.
"We believe that QED’s overall strategy remains even more relevant now than ever before and will provide clear focus and direction for the years to come.
"We have also learned over the past five months that certain elements of the strategy will now need to be delivered much more rapidly than originally envisaged, including the review of our structure, along with accelerating our plans for the future running of the business. I’m delighted that we have been able to appoint Matt Philp to the role of MD, who alongside the new strategic team will lead QED into a new era."
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