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Ormandy buys Rycroft

Offsite fabrication and water heating firm Ormandy bought commercial water heating manufacturer Rycroft from the Baxi Heating Group (Baxi) last week for an undisclosed sum. As part of the deal, Baxi’s Dreh and Heatrae industrial businesses will join the Ormandy stable. Rycroft, which is over 100 years old, will continue to operate under its own brand and from its headquarters in Bradford. It will also retain 89 members of staff. Six-year old Ormandy is headed up by former Rycroft managing director, Paul Cooper. Ormandy recently acquired the steam and hot water boiler manufacturer Hartley & Sugden, and stainless steel product manufacturer Newade Stainless. The company expects to make a £10 million turnover by the end of June 2007. Over the same period last year, its revenues were £5m. Rycroft’s turnover for the year past was estimated to be £8m. Mike McDonald, former managing director of Rycroft, will become the managing director of Elson, the combination hot and cold water storage systems manufacturer. Elson is part of the Baxi Heating Group.