THAMES 250 VALLEY ® TV250 Awards: Celebrating top Thames
Valley businesses An awards evening at Stoke Park, Buckinghamshire, in July honoured the achievements of six companies that feature in this year’s Thames Valley 250, the regional ranking of leading privately- owned companies
Between them, the TV250 companies have combined sales of £21.6 billion and employ over 100,000 people. “Your contribution to the economy of the region, and the UK, is significant,” David Murray, publisher of The Business Magazine, told an audience of 60 local business leaders at the eighth annual TV250 awards.
Bankers HSBC, business advisers Moore Stephens, law firm Gateley plc and Henley Business School recognised the outstanding business performances of TV250 companies by sponsoring the awards. All 25 finalists were profiled during the awards evening before the six winners were revealed.
The eighth annual TV250 listing is available at
businessmag.co.uk. Transforming a business to meet future challenges
The evening’s guest speaker Juliette Stacey, chief executive officer of Mabey Group (37th in the TV250), gave a fascinating insight into how the company transformed in the face of significant challenges. Mabey is a leading international bridge and engineering services company headquartered in Reading. It employs around 800 people in four countries, with nearly one third of them shareholders in the business.
Mabey’s customers include Balfour Beatty, Skanska and Network Rail, as well as governments around the world. Stacey described its bridges as being like Meccano, with sections and components pre-made in Mabey’s factories, packed into containers and sent to customers, often in remote locations. The company also designs and makes steel equipment that holds up buildings, bridges and the sides of deep excavations.
Stacey explained how the business coped with unexpected turbulence by taking drastic action. As well as being affected by the global economic recession in the noughties, in 2009 a Mabey subsidiary became the first UK business to be prosecuted under the new Bribery Act, after making a self-disclosure to
the Serious Fraud Office. The ability to win business became harder. Mabey was unable to compete in some international markets and revenues fell.
After 90 years being family-owned and run, it was decided to bring in independent leadership. Stacey was appointed in 2010 and is only the second chief executive not to have a direct shareholder connection. She had to act quickly and decisively. “Our challenge was to get Mabey back on track quickly, with sustainable revenues and profits that generate cash,” she said.
A state-of-the-art steel fabrication plant manufacturing onshore wind farm turbine towers was closed because the market had dried up, just four years after the factory had opened. Loss-making depots and business units were shut and senior leadership changed. At the time, the way the business was going didn’t feel much like success, Stacey noted.
The company has come a long way since those days. Today, the core business is strong and Mabey is focusing on digital engineering and investing in new products beyond its steel heritage including bridges made of glass fibre reinforced polymer.
Mabey has kept the best aspects of its culture but isn’t wedded to the past. The company’s focus is very much on its employees and customers. Stacey said: “Employee engagement and career development are high on the list of priorities. We expect people to get involved and we challenge them all the time. We always ask ourselves ‘What’s possible?’.”
She talked about lessons learned from Mabey’s painful transformation. These include being prepared to do the seemingly unthinkable, and for every success you create making sure that you have an exit plan. Also, understanding that if you lose touch with your customers, then you stop being entrepreneurial and a leader, and start being a just manager.
Mabey wants to attract and retain the right people and to be recognised as leading its sector. That includes being a ‘safety exemplar’ with an approach to corporate governance similar to FTSE-listed companies. “We’re excited about our new three-year business plan and believe we can double our size in the next five years. It feels like a fresh dawn,” Stacey concluded.
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businessmag.co.uk
THE BUSINESS MAGAZINE – SEPTEMBER 2017
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