The long-running shareholder’s dispute between the co-founders of perimeter systems manufacturer Zaun Limited has been resolved.
The company has repurchased Paul Painter’s shares with support from Lloyds Banking Group.
Therefore, the remaining co-founder Alastair Henman is the sole ultimate shareholder of Zaun, with Painter no longer connected at all with the company.
Henman said: “The dispute has been a huge distraction over the last few years, and I look forward to re-focusing my efforts on the massively exciting future we are building at Zaun.”
Since Painter ceased to have an executive role in 2014, Henman has been ringing the changes, building a stronger team and laying the foundations for a sustainable and positive future.
He acquired a majority stake in software security expert EyeLynx Limited, where founders Jay Patel and Francisco Feijoo still run the business.
The following spring, Henman announced the purchase of 75% of the shares in Binns Fencing, with Adam Binns, grandson of founder John Binns, similarly remaining as MD and retaining his 25% shareholding. The acquisition has given Zaun a strong presence in the prison sector.
The fourth member of the Zaun Group, Zaun Middle East, goes from strength to strength and recently announced its largest-ever Middle Eastern contract with 80km of fencing to be shipped in the coming year.
Henman said: “I spent four years of my life delivering our largest ever contract for the London 2012 Olympics.
“That was a fantastic time for us; it opened so many doors and opportunities and insulated us against the credit crunch, recession and early years of austerity.
“The challenge has been to turn those opportunities, which arose from the one-off lumpy project, into long term sustainable business. That has been achieved only on the back of innovation, bold investment and strengthening relationships with core contractor customers to ensure the steady flow of orders that kept the factory permanently busy.”
Last year, Henman made three internal promotions to join him on the board – Chris Plimley as Sales and Marketing Director, Chris Rowen as Operations Director and Roberto Garziera.
Henman concluded: “The political, economic, social and technological environments have changed beyond recognition since we launched the business, but we continue to invest in the belief we can produce innovative products our customers want.
“That’s kept us ahead of the curve and sees us now at the leanest, greenest and keenest point in our history, confidently ready to forge into the future. In 2017, Zaun expected to hit record consolidated turnover and profit.”