Tyrone Crystal bought out by MBO

Tyrone Crystal has been brought back into Northern Ireland ownership in a management buy-out, it was announced today.

Senior managers bought the company from the Tipperary Lifeware Group which acquired the company three years ago.

The price paid for the Dungannon, based company, formed in 1971 and which employs over 100 people, was undisclosed.

The management buy-out brings together a team with a collective 30 years of experience in the gift and table-top industry – Peter Nunn, managing director, Paul Donnelly, commercial director, Tom Williamson, financial director and former MD George Priestley who returns to the company as chairman.

Mr Nunn said: “We are delighted that Tyrone Crystal has returned to local ownership and believe that the company has a strong future.

“The members of the management buy-out team have a wealth of experience and we are confident that we can raise the profile of Tyrone Crystal within, not only the local, but world markets as well.”

He said they planned to introduce a more contemporary collection to complement the traditional designs.

A talented European designer had been engaged to work on the new collection which would be launched in the spring of next year, he said.