Axiom has been set up by Michael Last and Clive Johnson who are both experienced CEOs with complimentary backgrounds in finance, mergers & acquisitions, engineering and manufacturing. Mr Last was CEO at Formaplex from 2008-2017, a manufacturer of complex tooling and components, where he oversaw a period of successful growth and expansion. Mr Last has extensive experience across a broad range of technology led businesses in multiple industries. Clive Johnson, a mechanical engineer by training, has managed and grown a range of businesses from start-ups through to high-tech manufacturing businesses. Mr Johnson was CEO at Portsmouth-based Magma Structures, builders of what the company says is tallest composite Superyachts masts in the world.
FRH was founded in 1952 by Frank Hay as a hand pattern machine shop. The family business has passed through three generations with Mr Hay’s grandson, Adrian Hay running the business for the last 20 years. Axiom plan to re-energise the business, bring in new skills and develop new sectors and markets. Family connections will continue with Tom Hay, great-grandson of the founder, remaining as production director and shareholder of the new company. Tom Hay has been with the company for 7 years and is a qualified engineer.
Commenting on the news, Adrian Hay, managing director said: “After 20 years at the helm I am pleased to have secured a successful future for the staff and customers of FRH. The breadth of experience and skills of the new owners will be a great asset to the new business and will ensure the continuity of service to our existing customers.”
Michael Last and Clive Johnson added: “We are excited to have completed the purchase and have already made some key strategic appointments to expand the team and bring in new skills. We have put in place a hugely experienced team who have ambition to steadily grow the business and diversify into new markets.”