Omega Plastics Changes Hands as Long-Time Founder Steps Down
Omega Plastics Group, a prominent Gateshead firm and former North East Company of the Year, has undergone a significant ownership transition. The business has been acquired by two former senior executives following the retirement of its long-serving founder and group managing director, Dave Crone.
Leadership Transition After Nearly Three Decades
Dave Crone has decided to step down from his role after nearly 30 years with the company, coinciding with his recent 66th birthday. In a statement marking his retirement, Mr. Crone emphasized that this transition has been meticulously planned to ensure the company's continued success and stability.
"This business has been a lifelong passion of mine," Mr. Crone said. "While it is an emotional milestone, I am incredibly proud of the journey we have shared and the business we have built together."
New Ownership by Former Senior Team Members
The company has been acquired by Chris Thompson and Mark Thornton, both of whom have extensive historical connections to Omega Plastics. Mr. Thompson was instrumental in helping to establish the firm in the 1990s and remained a shareholder until 2024, when he departed to become CEO at Express Engineering. Mr. Thornton previously served on the company's executive team during 2019 and 2020.
"I am delighted to confirm that the business has been acquired by Chris Thompson and Mark Thornton," Mr. Crone stated. "Both have deep historical ties to Omega Plastics and a genuine passion for its success."
Strategic Consolidation and Investment
As part of the takeover, Omega Plastics will consolidate its operations from multiple sites in Gateshead, Washington, and Hartlepool to a single facility in Team Valley, Gateshead. This move is supported by significant additional investment secured through the transaction, which provides increased working capital and funding for transformational development.
The company, which reported a turnover of just over £7 million and employs 89 people in its most recent accounts, aims to enhance efficiencies and improve customer service through this consolidation. Mr. Crone highlighted that the new ownership structure, particularly through Mr. Thompson's ownership of the Gateshead facility, offers additional benefits for a single-site operation.
Addressing Industry Challenges
Mr. Crone also addressed the well-publicized challenges facing the plastics sector, asserting that Omega Plastics Group is now in a stronger position than ever. "Omega Plastics Group is now stronger, better funded, and more ambitious than ever," he declared, reassuring stakeholders about the company's future prospects.
The acquisition represents a strategic shift for the award-winning business, which clinched the top prize at the North East Business Awards in 2017. With fresh leadership and investment, Omega Plastics is poised to embark on its next phase of growth and development in the competitive manufacturing landscape.
