29.01.2007

MBO at Clements

John Jennings, the managing director of Clements Plant & Tool of Coventry has led a Management Buy Out of the business from owners the Deeley construction group, through a new company - Aljay Holdings.

He is joined in the new venture by Jim Longstaff who has made a “significant investment” in the business and takes over as managing director from today, while Judith Thomas, who becomes company secretary and transport manager.

Longstaff, 38, left King Highway products, where he was responsible for Skyking truck mounted lift sales, in December.
He said today “This deal ensures that after over 40 years of supplying plant and equipment to local industry Clements remains one of the leading independent hirers in the Midlands. We have a modern fleet of machines backed by a long serving and extremely experienced workforce”.

Jennings, 61, becomes chairman of the company and will remain responsible for product development and selection. He has been involved with the rental industry in the Midlands for all his working life both in Coventry and Rugby. He was a founding member of the Hire Association Europe, serving as chairman in 1994/5 and has held various positions on HAE, CPA and IPAF committees over the past 30 years.

He commented “I have always been committed to the independent sector because I firmly believe that it offers greater service benefits to the customer and more security to its employees”.

The company was founded in 1965 by Coventry hauler Fred Clements who sold out to Deeley in the early 1970’s, it currently employs 12 staff and has over 600 pieces of equipment ranging from industrial power tools to self propelled access equipment.

The aerial lift fleet numbers around 120 units and includes LPG powered platforms in addition to the regular diesel and electric units Powered access represents roughly half the fleet in value terms, with the remainder split between traditional plant hire items and industrial power.

Clements will continue to operate from its present headquarters and has signed an exclusive supply agreement with Deeley, a leading independent construction and development company.