DUO announce a merger with Denbow International at Hillhead 2018.
At a press conference on the DUO Group stand, Terry Last, the non-executive chairman of both companies announced the two companies will create a new entity called Duo Group Holdings Ltd.
Terry Last said, “the merged businesses would have a combined ability to help customers achieve their aims in a very cost-effective manner.”
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.
At the same time, DUO have also announced a major deal with Doosan, establishing a new company called Seoul Ltd that will sell Doosan machinery to national account customers in the quarrying and waste industries.
Alex Moss has agreed to remain CEO of DUO Group Holdings and its headquarters will be in Allesley, Coventry.
The increased support of shareholders is expected to result in more jobs being created.
Alex further commented, “We have some very, very ambitious plans which include opening a new workshop in the Midlands for plant maintenance.”
Terry added, “DUO Group Holdings will embrace markets wider afield as opportunities become more apparent from Brexit. Some of those benefits are expected in Africa.”
DUO Group Holdings expects to achieve turnover of £100 million in its first year.