Presto Tools

‎‎

1951

Part of Easter, Allcard and Co

The Presto trademark appeared in 1907 followed in 1911 by the Greyhound trademark, later registered as “Two Dogs.”

As the decade of the 1970s drew to a close all was not well. The economy was in decline and in November 1980 short time working was reintroduced for the first time since 1936.

In 1982 the company changed its status from that of a public company to being a private company.

J. Stanley Allcard died in August 1989 and his family sold its majority shareholding. In a very hostile take-over the McGee family had to withdraw from the battle and the company was acquired by the James Wilkes Group. Now the old family firm was exposed to a series of changes as assets were disposed of, staff numbers reduced and capital investment frozen.

More change was to follow when James Wilkes was in turn acquired by the chemicals conglomerate Suter plc in 1993. Suter set out to drive down costs even further, seeking a leaner operation and installing central controls, though happily investing some £2 million in 1994 on more CNC equipment.

Suter plc was in its turn acquired by Ascot Holdings in 1995. The new owners core business was property and leisure and they soon decided to sell off 'Presto', which was prepared for sale by even more cost cutting and reduction of the workforce.

In October 1997, exactly 100 years from its incorporation, Kennametal Hertel Ltd acquired Presto Engineers Cutting Tools Ltd, new owners who would bring new life and prosperity to this much-respected Sheffield firm.

June 2006 saw Presto return to an independent state as Suncraft International purchased the Presto brand from Kennametal. It also saw a welcome return of the famous trademarked Presto sign to Penistone road, Sheffield.

See Also

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Sources of Information

• [1] Presto web site