THERE has been a dramatic shift in the ownership of Ben Johnson the 150-year-old York office supplies, furniture and technology provider.

Adrian Rumble, the managing director, who with a track record with blue chip companies like Diageo, Guinness and HJ Heinz, took over the company with a 100 per cent stake in February 2003, has now sold 43 per cent of his shares to his three key executives for an undisclosed sum.

The three new shareholders - each of whom has invested personal funds - are Karl Delaney, who heads the furniture division; David Riley (office supplies division) and David Shone (technology products division).

Mr Rumble, a qualified chartered engineer, today insisted that the share sale was more as a gesture of incentive than any kind of prelude to relinquishing the reins, particularly as he is still the majority stakeholder.

He said: "Don't see it as a sign that I am retiring. I'm too young for that and there is too much work to do," he said. It was, he said, a clear sign of confidence in the firm whose turnover rose from £2.65 million in 2002 to £3.1 million last year.

When Mr Rumble first took over, two directors were among those who lost their jobs as the numbers on the payroll shrunk from 22 to 13 people. Two directors, Mr Delaney and Mr Riley stayed on and Mr Shone was subsequently appointed.

Since then the number of employees has soared to 29 and there had been growth of between seven and eight per cent per year.

He said: "It is important that they now have a stake in the business I want the management team to enjoy sharing in the increased value of the company going forward and I'm delighted that they have shown reciprocal confidence in the company by accepting this offer."

Profits, he said, had been ploughed back into the business, re-equipping the warehouse and expanding the sales team.

Ben Johnson was advised by the corporate tax team, led by partner Philip Caine, from chartered accountants Brown Butler. The firm also provided advice on commercial aspects of the deal.

Mr Caine said: "Ben Johnson is a dynamic company with an exciting future. This deal will give it the resources it needs to grow successfully."

It would also further strengthen the balance sheet and provide additional resources and flexibility to help the business grow organically and by acquiring competitors, he said.

Updated: 10:58 Friday, April 15, 2005