User:SabrinaManning/Pochin's Ltd

Introduction

Pochin's Ltd is a privately held construction and property development business based in Middlewich, Cheshire. Founded in 1934 by Cedric Pochin, Pochin's specialises in regional projects in the North West of England and North Wales. The company originally formed as a joinery company in Manchester before relocating to Middlewich during the Second World War. After floating on the Manchester Stock Exchange in 1965, Pochin's plc grew into numerous divisions, including Pochin Design & Build, Pochin Homes and Pochin Concrete Pumping. The business returned to private ownership in 2014.

Pochin's has always been considered a family business and a member of the Pochin or Nicholson family has always represented the company as chairman or in other senior leadership positions since its inception.

History

1930s

Cedric Pochin, founder

Pochin's was founded by Cedric Pochin in 1934 as a small joinery business on Castle Street in Manchester. After completing school at Altringham Grammar School for Boys, Cedric went on to study joinery techniques and timber economics before forming Pochin’s (Manchester) Ltd. Soon after, his brother Arthur Pochin joined the business and over the next few years, the company grew, establishing a local customer base.

1940s

The company’s reputation for high quality joinery served the business well during the war years; building huts, making doors and shelves, and fitting out aerodromes all accounted for over £500,000 of overall turnover as the company attempted to support the war effort. However, in May 1942, the Castlefield premises was struck by fire. As a result, Pochin's offices were relocated to a former mansion in Bowden and its siteworks to Middlewich, Cheshire, to reduce the threat of air raids. Despite this setback, it won contracts at RAF Valley on Anglesey and at Llanbedra, marking the birth of its construction operation before establishing Pochin Contractors Ltd in 1945.

1950s

In the 1950s, Pochin's started to branch out with contracts won for factories, office blocks, and notably the universities of Manchester[[1]] and Bangor[[2]] . 1955 saw the beginning of work on a new headquarters building on King Street, Middlewich, close to the M6 motorway, the first section of which opened in 1958. Backed by Cedric Pochin's passion for sailing, Pochin's founded a boat building operation (Pochincraft) in 1958.

1960s

On the back of continued client demand, in 1962, the decision was taken to form a property development division and in 1965, the company reached a major milestone: flotation on the Manchester Stock Exchange. The floatation valued Pochin's at £875,000. Two years later, in 1967, it acquired Welsh housebuilding firm, William Griffith & Son. Pochin's moved to its current site on Brooks Lane, Middlewich, in 1968.

1970s

During the 1973-75 recession, Pochin's...

Jim Nicholson - CEO (2015 - present)

1980s

1980 was marked by the death of the company's founder and chairman, Cedric Pochin. His brother Arthur succeeded him before retiring in 1982. Following the purchase of land on the outskirts of Middlewich in 1979, 1981 saw the completion of the first construction project at Midpoint 18, a development which has grown to become a 450-acre business park. Halfway through the decade, Pochin's had the largest concrete pumping hire fleet available in Europe, including the largest mobile pump ever seen in the UK.

1990s

With Midpoint 18 doubling in size at the end of the previous decade, the nineties would prove a defining period for Pochin’s commercially, despite the tragic loss of several family members including Cedric’s brother Arthur. The upturn of the economy in 1992 was marked with the delivery of a £24m distribution centre for Tesco, as Pochin’s grew its portfolio of office, education, healthcare, residential and industrial contracts. A strong decade financially, was concluded with the acquisition of Avoidatrench Ltd in 1999.

2000s

At the start of the new millenium, Pochin's concrete pumping division began work on Citigroup's Tower Site at Canary Wharf, pumping concrete up to 42 storeys high on one of London's tallest buildings. The construction side of the business prospered as well, nearly doubling its turnover in 2003 to £30million. 2006 and 2007 proved record years financially before the impact of the 2007/8 financial crisis necessitated that Pochin's undergo significant restructuring.

2010 - present

Following the sale of a number of divisions, Pochin's returned to its core operations, construction and property development, in 2012. In 2014, having extracted itself from loss-making activities, Pochin's was returned to private ownership by a Middlewich Ltd, a newly established consortium company led by Cedric Pochin's grandson, Jim Nicholson. Backed by independent directors, the move was designed to free Pochin's from the structural constraints of being publicly listed. The take-private valued the business at £9.4million.