A 157-year-old family business has changed hands in a management buy-out.
The Pen Shop, which includes Morpeth’s T&G Allan store, has been sold by the Allan family to its Managing Director Colin McClymont, Finance Director Andy Briggs and E-Commerce Director Vic Morgan.
We are looking forward confidently to the future.Colin McClymont, Managing Director of The Pen Shop/T&G Allan
The trio’s Fountain Group will safeguard 145 jobs in the business, which is Europe’s biggest luxury pen retailer, with 20 outlets across the UK.
Mr McClymont, who has served as Managing Director for 26 years, said: “The completion of the transaction is a proud moment for us and we are looking forward confidently to the future. We have some exciting new developments in the pipeline.”
T&G Allan was founded by brothers Thomas and George Allan as a newspaper and stationery shop in Newcastle in 1858. It became The Pen Shop in 1946 when the first stand-alone pen shop in the UK was opened, and has its head office in Gateshead.
Outgoing Chairman Richard Allan said: “With no member of the Allan family now involved in an executive capacity within the business it has been decided to relinquish control to Colin McClymont and his team.
“The disposal to the current management team ensures long-term stability of the business, minimum disruption to suppliers, and crucially in the family’s eyes, security of employment for the staff, many of whom are long-serving.
“We thank our many customers for their support, and particularly thank the current generation of loyal executives and staff for their service to both T&G Allan/The Pen Shop and the Allan family.”