Although Hesco HQ and main manufacturing plant is in Leeds, the company positions itself in the market as a global company.
In 2012, Hesco lost not only the main product patent but also the founding CEO, Jimi Heseldene was killed in a tragic accident. The company went from turnover £120m to £20m overnight. Times really couldn't have been more challenging. The stakeholders brought in Mike Hughes, now CEO of Hesco.
Mike established a new leadership team and took an overall view of the entire company structure; from earnings, activities, what the company was producing and for what reason.
By refining and streamlining the business as well as a change of focus and recognising just what Hesco's value proposition is, the company is now turning over in excess of £50m with a solid growth plan in place and with a higher profit margin than before 2012.
Hesco now operates by manufacturing for stock whereas they used to manufacture for supply which has been one of the key changes in the increasing success of the company.
Join Mike as he delves into his thought process behind this astounding case of change management.