 US Founders of British United Shoe Machinery. | |
| Industry | Footwear machinery and materials |
|---|---|
| Founded | 1899 |
| Founder | Charles Bennion |
| Defunct | 2000 |
| Headquarters | Belgrave, Leicester, England |
British United Shoe Machinery (BUSM) Ltd. was formed in England around the turn of the 20th century, as a subsidiary of the American United Shoe Machinery Company. For most of the 20th century, USM was the world's largest manufacturer of footwear machinery and materials, exporting shoe machinery to more than 50 countries.[1] After two takeovers and a BUSM-based management buyout the USM group became headquartered in Leicester[2] until entering administration in 2000.
In the 1960s and 1970s, it was Leicester's biggest employer employing more than 4,500 locally and 9500 worldwide.[1] Most of the workforce was recruited via an apprentice scheme which trained a large proportion of Leicester's engineers.[1][3] The company had "a respected reputation for technical innovation and excellence",[1] between 1898 and 1960, it developed and marketed nearly 800 new and improved shoe machines and patented more than 9,000 inventions, at one time employing 5% of the UK's patent agents.[4]
The collapse of the company in October 2000 destroyed the pensions of the workers. Their story became "one of the most vivid examples of what can go wrong with..Private Equity".[5] The company subsequently went into administrative receivership and was the subject of a management buyout. This new company itself went into administration in September 2006. In November 2006 a new independent company, Advent Technologies Ltd, was formed by former workers of BUSM providing technical support, advice and spare parts for the range of BUSM machinery.
- ^ a b c d Howie, Iain (1999). USM Serving the Shoemaker for 100 years. Shoe Trades Publishing. p. 7. ISBN 0-9536531-0-2.
- ^ Howie 1999, p. 117
- ^ Howie 1999, p. 90.
- ^ Howie 1999, p. 23
- ^ Nick Mathiason (10 June 2007). "Private equity stole our pensions". Observer Newspapers. Retrieved 28 February 2010.