Magnet Kitchens
Industry | Retailer |
---|---|
Founded | Kitchens, Joinery |
Owner | Nobia AB |
Number of employees | c2,000 |
Website | magnet magnettrade magnetprojects |
Magnet is a British
Magnet was listed on the
History
Formation and early years
Magnet was established in Bingley, West Yorkshire in 1918 by Tom Duxbury. Legend has it that Duxbury traded his horse for a firelighting company and named his new company Magnet after the horse. During the 1920s Magnet pioneered the mass production of joinery, door and window products and soon began supplying joinery components for major construction projects. New operations were opened in Keighley, Grays and Knaresborough to satisfy demand for the growing business.
1960s
In 1960, the company opened its first branch in Bingley. This concept of the company having their own outlets quickly develops in other towns in the United Kingdom.
1970s
Kitchen products were introduced in 1970, and soon after, a new factory in Darlington was established to manufacture joinery and kitchen furniture. In 1975, Magnet became Britain's largest manufacturer of joinery products with 115 branches. In 1975, Magnet merges with timber group Southern-Evans to form Magnet & Southerns. The combined business, following the merger, exceeded two hundred branches.
1980s
In 1984, Magnet & Southerns became a founder member of the FTSE-100 share index. The company continued to expand during the 1980s, with new manufacturing sites in Rotherham, Thornton, Penrith, Burnley and Deeside opened together with the acquisition of the Thomas Easthams kitchen business.
Seeing the growth of the burgeoning DIY sector, the company decided to move into the retail kitchen market, and opened its first retail kitchen showrooms in 1985.[1] In March 1989, Magnet sold the Southern-Evans timber business in preparation for a £629m management buy out which took place the following year.[2]
Soon after, difficulties in the economy in the United Kingdom led to a severe downturn in the housing market and a significant downturn in sales. Magnet, unable to pay its bankers, fought to remain cash positive to survive. In 1989, Tom Duxbury led a management buyout of the business.[3] The buyout failed quite quickly and the banks took control of the business.[3]
1990s
In 1990, separate Retail and Trade divisions were established to maximise customer service for these very different market sectors. Factories in
The company's financial performance stabilised, but a lack of investment and a long running industrial dispute[5] meant that the company did not see any significant growth.
2000s
In April 2001, Magnet was acquired by
Operations
Magnet
Magnet supplies kitchens to retail consumers via 170
In 2003, Magnet's retail showroom concept won Best UK Retail Interior by Retail Interiors Magazine, and has subsequently refurbished the majority of its estate in line with this footprint. Magnet was the first national kitchen retailer to achieve Trustmark accreditation, a scheme designed to drive out the cowboys in the home improvement sector.[8]
Magnet Trade
Magnet Trade sells only to registered trade customers through its network of 159 branches. The majority of customers are local
Alongside a kitchen offering (cabinets, appliances, worktops, sinks & taps), the company supplies joinery (Doors, Windows, Timber, Wood flooring, Hardware). Products are supplied from stock held on site in the branch warehouse. Free kitchen planning,
Magnet Trade has a separate in store environment and brand identity, to clearly differentiate it from the retail business.
Mixed sites
The majority of Magnet branches have both a trade and retail presence in the same building. There are separate entrances for each different customer group, which are clearly designated.
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Magnet retail branch in Aylesbury, Buckinghamshire
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Magnet Trade branch in Welwyn Garden City, Hertfordshire
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Magnet mixed site in Staples Corner, London
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Magnet mixed site in Guiseley, West Yorkshire
See also
References
- ^ "Tempus: Magnet & Southerns". The Times. 16 January 1986
- ^ "Magnet Buyout Bid Of $1.07 Billion". The New York Times. 30 March 1989. Retrieved 8 November 2008.
- ^ a b c Aldrick, Philip (24 April 2001). "Enodis shakes off poison pill Magnet for £134m". The Daily Telegraph. London. Retrieved 29 June 2009.
- ^ Berisford International PLC acquires Magnet Ltd(Water Meadow Hldg) from Magnet Group PLC Alacrastore, 3 March 1994
- ^ "Britain's longest-running dispute over". BBC News. 24 April 1998. Retrieved 8 November 2008.
- ^ "Nobia increases investments in Magnet's store network". Nobia. Archived from the original on 14 July 2011. Retrieved 8 November 2008.
- ^ "Complete kitchens made to measure in a couple of hours". The Northern Echo. Retrieved 8 November 2008.
- ^ Osborne, Hilary (30 January 2006). "Traders sign up to voluntary code of practice". The Guardian. London. Retrieved 8 November 2008.