The shareholders and directors of the Duo Group of Companies and Denbow Companies have decided to make a strategic move forward.
They have agreed to merge their companies and the combined business activities will now be performed under a newly-formed company to be known as Duo Group Holdings Ltd.
The announcement was made at the Hillhead show being held near Buxton, county Derbyshire, England, by Terry Last, non-executive chairman of the DUO Group of Companies, and Denbow International.
He said that the move means Duo Group Holdings Ltd will have a combined ability to help its customers achieve their aims by working with a cost-effective and efficient business model.
Duo believes it can broaden the service it will offer to its existing loyal customer base and attract new customers and drive solutions.
The new Duo Group will benefit from additional shareholder investment, thereby underpinning its financial security and expansion potential, and enabling it to further improve the performance stability presently offered to both Duo and Denbow customers.
The DUO Group looks forward to working with customers in its traditional UK markets, and it intends to embrace markets wider afield as opportunities become more apparent post-Brexit.
“I am delighted to have been asked to continue as non-executive chairman of the Duo Group, and I know I will be expertly assisted by the excellent executive team headed up by Alex Moss who has agreed to be the group chief executive officer, said Last.
Managers of the new business are being organised into teams that largely mirror those that exist in the present DUO and Denbow Companies, thereby maintaining the silo focuses that presently exist.
“All of us involved with the new DUO Group look forward to engaging with all our customers, suppliers and stakeholders to further deliver skilled and efficient solutions to our clients,” said Last.
He continued that as the Terex Washing Systems (TWS) dealer for England and Wales, and the dealer for Terex Powerscreen in Ghana, the company was announcing an additional order for £7million (€8 million) worth of machinery for its UK and African hire businesses.
“We are on target for the DUO Group to achieve £100 million [€113.5 million] turnover in its first year of operation,” he said.
“Secondly, I am pleased to announce the first step forward in our plans for the new Duo Group. We have agreed with Doosan, a major supplier of mobile plant, to form a new entity to be known as Seoul Ltd.
“Seoul Ltd will assist with Doosan’s long-term objectives of delivering value solutions to its UK-wide key-account customer market.
“Seoul Ltd is a complementary addition to the existing marketing arrangements Doosan have in the UK and it is looking forward to working with Doosan in this area of enhanced focus.”
He also announced the establishment of a highly focused and competent Health Safety and Environmental Division, to straddle all activities within the new Duo Group to be known as the STAR Health and Safety Centre.
STAR, an acronym for Stop, Think, and Assess Risk, will enable Duo to be in the first tier of responsible and caring businesses
“To conclude, I’d like to reinforce how excited we all are here at Duo to be part of a new company built on firm foundations that will secure the future of all our customers and employees.”