A Peterborough-based company is poised for expansion after a buyout.
Franchise ABAX UK has just been bought by Norway-based ABAX, which is now poised to carry out major investment in its UK operations.
I now relish the challenge of taking the company on to the next stage.Chris Miller, chief executive
ABAX has been represented in Britain through the franchise since its creation three years ago by current chief executive Frank Ystenes.
It means the ABAX UK office at Warmington, Peterborough, which employs 20 people, will become the ABAX headquarters in the UK with expansion plans involving the creation of offices in a number of other cities.
ABAX has a target for 100 UK employees by the end of 2016, which includes more staff in the Peterborough office early in the new year.
The buyout also means Mr Ystenes will take on a European consultancy role for ABAX and existing UK quality manager Chris Miller becomes UK chief executive of ABAX.
Mr Ystenes said; “It was my decision to start up the ABAX franchise in the UK following the company’s success in Norway and Scandinavia.
“Entering any new market brings with it certain obstacles and challenges but I have been really pleased with how ABAX has developed on UK shores and how the market is reacting to us and our products.
“Peterborough has very much been at the core of our UK operation, particularly since we partnered with Peterborough United FC and the ABAX Stadium one year ago.”
ABAX develops and supplies software to businesses that operate company vehicles. It includes fleet management platforms, Triplogs and electronic mileage logs.
Mr Miller said: “I very much look forward to taking on the role of chief executive of ABAX in the UK.
“We have developed a superb team here in the UK under Frank’s guidance leadership and I now relish the challenge of taking the company on to the next stage.
“ABAX has grown year-on-year within the UK and the plan remains the same for 2016.
“As ABAX wants to further expand into the European market, the UK operation is seen as a key gateway out of Scandinavia. As such, there is to be significant investment within the UK arm of ABAX. We will be expanding our operation in order to cover all of the UK.
“Part of the growth strategy has focused on our recruitment process and January 2016 will see some of the highest calibre employees starting their careers at ABAX. The future looks very bright.”
The company employs more than 260 people at its offices in Norway, Denmark, Sweden, Finland, the Netherlands and the UK.
ABAX has extensive growth plans for 2016, with new offices and further employee recruitment a major focus.
Company revenue for 2015 is forecast to be a 40 per cent increase on 2014 of £18.4 milion to £26.7 million.