Shipley, West Yorkshire-based modem maker Pace Micro Communications Ltd has parted company from its sibling Pace Micro Technology Ltd, also based in Shipley, in a ú3m management buyout from the four directors common to the two firms. Managing director Steve Lister, who was appointed at the end of last year, sales and marketing director, John Cunningham, and technical director, Derek Oliver, now own just over 70% of the company’s equity. The remaining portion is held by 3i Plc, which provided ú1.7m of the funds, the rest came from the directors. Until 1992, modem making was an integral part of Pace Micro Technology’s business. But in that year the two strands of the company’s work, the other being the manufacture of satellite dishes and set-top boxes, were separated into two businesses, although they retained four directors in common. The modem company had no individual managing director. Instead Pace’s original two founders were joint directors, and day-to-day operations were managed by the sales and marketing director until Lister’s appointment last year. Since his arrival, revenues have been boosted by 40% to ú7m and next year’s turnover is expected to be ú9m. The company is also concluding distribution deals in Scandinavia and says it will head south, through Europe shortly. Pace designs communications equipment for all types of personal computers; it reckons that it’s the only UK company that has V.34 modem for every type of computer. All of its products are manufactured in the UK and it employs 53 people.
