Omega Plastics sold to former members of senior team as founder retires

The Gateshead company is a former North East Company of the Year

A former North East Company of the Year has been sold after the retirement of its long-time owner.

Dave Crone has stepped down as group managing director of Gateshead firm Omega Plastics after nearly 30 years with the company. The business has been acquired by Chris Thompson and Mark Thornton, both of whom have previously worked in senior positions at Omega.

The company, which has sites in Gateshead, Washington and Hartlepool, won the top prize at the North East Business Awards in 2017. Its most recent accounts show turnover of just over £7m and a headcount of 89.

As part of the takeover, the company will consolidate its operations to a single site in Team Valley.

In a statement to mark his retirement, Mr Crone said: “Having recently celebrated my 66th birthday, and after nearly 30 years with Omega Plastics, I have decided the time is right to sell my shares and step back from my role as group managing director. I want to reassure you that this transition has been carefully planned to ensure the future success and stability of the company. As part of this transaction, the business has secured significant additional investment to support our next phase of development.

“This business has been a lifelong passion of mine, and whilst it is an emotional milestone, I am incredibly proud of the journey we have shared and the business we have built together.

“I am delighted to confirm that the business has been acquired by Chris Thompson and Mark Thornton, both of whom have deep historical ties to Omega Plastics and a genuine passion for its success.

“Fundamental to my wish to retire was ensuring that Omega Plastics Group secured the correct leadership and investment to support its long- term objectives and sustainability. After detailed discussions with Chris and Mark it was clear they shared the same vision, were supportive of the needs of the business and through Chris’ ownership of the Gateshead facility they were also able to provide additional benefits that their ownership could bring to a single site operation.

“This investment gives the business significant increased working capital and additional funding to drive a transformational move to a single site in Gateshead, which will facilitate improved efficiencies and enhanced levels of service for you, our customers.”

Mr Thompson helped start the firm in the 1990s and remained a shareholder until 2024 when he left to become CEO at Express Engineering. Mr Thornton was a member of the company’s executive team in 2019 and 2020.

Mr Crone added: “We understand that the plastics sector has faced well-publicised challenges recently. Because of this, I want to be clear: Omega Plastics Group is now stronger, better funded, and more ambitious than ever.”