Unquoted companies "still vital" to economy, says Grove
Unquoted businesses do not receive enough praise, the chairman of privately-owned Grove Industries has said. Warwickshire-based David Grove said that private businesses should get more plaudits “for battling through the economic downturn and playing a vital part in recovery”.
“Because of their sheer size and global reach, major public companies receive much of the attention that comes the way of business and the role of the unquoted company is understated and undervalued,” he said.
Grove Industries, based in Stratford-upon-Avon, is a private investment firm which currently manages funds in nine different companies.
Grove said: “In the last two decades, there have been major strides in the development of privately owned businesses and in the expertise of management teams.
“I see many examples where such companies are playing a key part in maintaining the UK’s competitiveness by strategic thinking, innovation and investment.”
Currently Grove Industries and its associates effectively control businesses with more than 1,500 employees and annual sales of more than £300m.
He said: “We set out to add value beyond financial investment through incentivising management teams so they and we have the same agenda of creating business value. We do this through ensuring they have a stake in their businesses, strengthening management teams as necessary.
“We provide a sound financial platform for our businesses and the security of knowing that managers can plan for the long term.”
