The two sons of the late David Grove, one of the most successful industrialists in the West Midlands, have joined the board of the company he founded.
Jonathon Grove, who has been part of Grove Industries’ management team since March last year, has been appointed an executive director and Simon Grove, a qualified lawyer, has also joined the board in a non-executive role.
David Grove, aged 63, passed away suddenly at his Warwickshire home on November 12.
Director Les Litwinowicz, who played a central role in the development of the business since it was founded in 1991 and has been appointed to the position of chief executive following Mr Grove’s death, vowed to build on the successes of the group’s founder.
“We are determined to continue with our successful formula, in partnership with management teams of businesses in which Grove Industries and its associates have invested” he said.
“We believe in building businesses so they deliver their full potential. We retain our full support for UK manufacturing and we are fully committed to following the lead set by David and to build on the successful platform which is his legacy”.
Digby, Lord Jones of Birmingham, continues as adviser to the group, while Edward Carter remains on the board as a non-executive director.
The board of Grove Industries made the new appointments at a board meeting at which there was a minute’s silence as a mark of respect for the group’s founder and chairman. Mr Grove, High Sheriff of the West Midlands at the time of his death, was one of the most successful West Midlands industrialists of the modern era.
Under his leadership, Grove Industries and its associates grew from a standing start two decades ago to the point where the aggregate annual sales of businesses invested in are well over £300 million, with a total number of employees in excess of 1,750.
Focusing strongly on improving acquisitions and investments, the group has been widely acclaimed for building business value and taking a long-term view, at a time when private equity investors have been widely criticised for realising assets and short-termism in plotting early exits.
Mr Litwinowicz said: “Our objectives are the same as they have been for over 20 years – to support good management teams with pragmatic, straightforward advice and personal loyalty towards a common aim of developing businesses and building long-term shareholder value.”
l A memorial service to remember David Grove OBE and to celebrate his life and contribution to the world of business and the West Midlands will take place at Birmingham Cathedral at 11am on Wednesday, January 11, 2012. Further information is available from firstname.lastname@example.org.