A management buyout has been completed at a leading east Devon based stove manufacturer, with new owners now at the helm.

The current management team, Mark Brettell and Jon Butterworth, will take over the running of Arada Limited, in Axminster, from the founding Burgis family, who will retain a minority stake in the business.

Director Mark Brettell said: “Having worked for the original family owners for the past two decades, I consider it a great privilege to be able to be entrusted with the future of one of the best known companies within the stove industry.

“It is a credit to all at Arada that Jon and I have the confidence, experience and support to lead what has been and will remain an independent company and to take the company forward in a seamless transition.

“Having been through many challenging years, the time is seen as right for this change of ownership which will ensure the continuation of the very ethos that has been at the heart of Arada for so many years.

“I am deeply grateful to the support from the current owners to facilitate the purchase and the dedicated staff who continue to work so tirelessly for the company.”

Arada employs more than 80 staff and has a turnover of £6.7million.

Jennifer Burgis, whose father founded the company in the 1970s, added: “The legacy of the business was extremely important to our family. We have such a strong heritage in the region and are, therefore, delighted that the long-serving management team are taking over. They understand the DNA of the business and we wish the best to John and Mark as they take the business from strength to strength, and to all our employees who have worked so hard to make Arada successful.”

The directors say they are ‘confident it will be business as usual’ for their employees, partners and suppliers and that it will be a ‘seamless transition’ for the company.

Director Jon Butterworth said: “This is an exciting point in the company’s history, maintaining independent ownership and clear direction for the future development and stability of the business.

“This announcement is good news for our customers, employees and suppliers.

“I am delighted that Mark and I have secured the purchase of Arada Ltd. This announcement and the new shared ownership structure will allow Arada to continue investing in product development whilst preserving the heritage of the business.”