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  • Got a new shaper tool gloat ~

    Well, I finally got it home out of the van and cleaned it up enough to see what I bought for £40 approx $75
    It had been stored for a few years so it was covered in a lot of grime. But underneath that was this an almost unworn METRIC Elliott 10m. However There is some deep scoring (40mm long) to the rear end of one the ram slides from swarf ingress in some time inthe past and the usual missing knobs.

    Great thing is its dual voltage so it will go on my VFD

    An identical one went for nearly 4 times as much 7 days later



    pullback




    twirl

  • #2
    Beautiful machine Derek -- that looks like a relatively modern design (compared with an Atlas or Logan, which looks like it's from the 1H of the 20th century).
    "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

    Comment


    • #3
      Very nice. For the benefit of those who know not of Elliott, a thumbnail history and length of stroke?

      thnx, jack vines

      Comment


      • #4
        On my shaper I call those oil channels. Congrats on the new to you iron. Whoever invented the shaper intended them to be fun first and practical second, so have fun getting it cleaned up and running

        Comment


        • #5
          Originally posted by PackardV8
          Very nice. For the benefit of those who know not of Elliott, a thumbnail history and length of stroke?

          thnx, jack vines
          Elliott 10 M
          This shaper was a development of the "Alba 1A" - itself derived from the even earlier "Royal" model. It was popular in both training and production workshops. It has a 10" stroke and is powered by a 3/4hp 3 phase motor made by the hoover company in scotland. There is a total of 4 speeds achieved by a combination of gear box and belt change. The horizontal travel is 11" and the vertical 7 3/4". It was supplied in both a table top and stand versions. It is fairly heavy for a small shaper at 750lbs.

          I havent been able to date this one but it is probably 1970's

          The Elliott brand is currently held by Gate Machinery in the UK and Elliott dates from before WW2 with lathes, mills, rotary tables, dividing heads etc...

          The orignal company was B Elliot (machinery)
          In 1900 the company was originally established by Hugo Frye to import and distribute machinery, manufacturing equipment and small tools, before moving into their design and manufacture in the 1920s and 1930s under the parent company name, B. Elliott (after Hugo's wife's maiden name, Beatrice Elliott).

          In 1946 it became a public listed company and over the next three decades grew to become one of the UK's largest independent machine tool manufacturers and suppliers. The 1980's witnessed a severe global contraction for its machine tool interests, as the Group diversified, largely through acquisitions, into other industrial product sectors.In 1998, following a public to private management buy-out B. Elliott was de-listed from the London Stock Exchange.



          In 1998, following a public to private management buy-out B. Elliott was de-listed from the London Stock Exchange.

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          • #6
            You got that cheap no wonder your in gloating mood well done have fun Alistair
            Please excuse my typing as I have a form of parkinsons disease

            Comment


            • #7
              Originally posted by Alistair Hosie
              You got that cheap no wonder your in gloating mood well done have fun Alistair
              Thanks
              I didnt mention the £55 of diesel to go and fetch it though

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              • #8
                still cheap have fun Alistair
                Please excuse my typing as I have a form of parkinsons disease

                Comment


                • #9
                  Heckuva deal there.. I got $500 in mine, plus a trip to Atlanta.. and after I walked on his "white" carpet I sent him back a bottle of the "real deal" carpet cleaner.. *he had two big dogs..

                  I got a lot more projects done under the belt on that lil shaper to more than pay for it.. It's slow as christmas, but you can resharpen tooling and that means a whole lot to a poor Gawgia boy..

                  David
                  Excuse me, I farted.

                  Comment


                  • #10
                    currently I price things in 'tanks of fuel'
                    If its less than a tank of fuel its ok to get it without SWMBO approval (assuming I can hide it )

                    Nice find, I think I payed about that for my Alba 1AS some years ago, and it was quite beat up...

                    Dave

                    Comment


                    • #11
                      Congrats Derek,
                      10M/s are a very nice & powerfull machine for their size,Carefully looked after , & with appropriate tooling, they can carry out very accurate work, The size of the 10m is about the same capacity as my Royal, but the Elliott, is the superior m/c, for power

                      Comment


                      • #12
                        Originally posted by oil mac
                        Congrats Derek,
                        10M/s are a very nice & powerfull machine for their size,Carefully looked after , & with appropriate tooling, they can carry out very accurate work, The size of the 10m is about the same capacity as my Royal, but the Elliott, is the superior m/c, for power
                        Thanks,
                        The table is still quite small being only about 6" wide which means I need a small bracket to fit my 4.5" vice and it needs extra length to fit my 5" centre ht dividing head (plans for doing internal splines some day).
                        Derek

                        Comment


                        • #13
                          A bit more on Elliott history

                          After the management buyout in April 1998 the new owners decided to
                          divest the comany into oblivion.

                          "In April 1998, the Group successfully completed a public to private management buy-out. In 2003, the Group embarked on a managed divestment programme, which will ultimately result in the sale of all its business interests. "

                          Divestments
                          August 2005 Sale of Vanner
                          June 2005 Sale of Weldon
                          April 2005 Sale of Garryson
                          February 2005 Sale of AddisonMckee
                          January 2005 Sale of Halifax Rack & Screw Cutting Co.
                          October 2004 Sale of Newall Measurement Systems
                          April 2004 Sale of Russell Castings
                          May 2003 Sale of IPL Systems and Gauges Division
                          January 2003 Sale of IPL Sensors and Opto-Electronics Division
                          November 2001 Sale of PML FlightLink and PML Xiamen
                          November 2000 Sale of Addison Saws
                          July 2000 Sale of MTE
                          June 2000 Sale of JM Clarke transformer and battery charger business
                          January 2000 Sale of 33% interest in MTE-Turck joint venture
                          August 1998 Sale of Robertson Tooling

                          Comment


                          • #14
                            More elliott history

                            Michael Frye’s grandfather founded B Elliott before World War I; his father floated it after World War II. It made machine tools and its glory days were in the sixties and seventies. Even in 1980 - at least ten years after the Japanese began to knock everyone off the road with numerically controlled machines - Elliott made profits of over £11m. Frye served his business apprenticeship there but went off to run the second family company - light-fittings specialist, Rotaflex - in the mid-seventies.
                            This was a smart move, since Elliott’s £11m was, to all intents and purposes, the end of its road. By 1986, when Rotaflex disappeared down the maw of a US multinational for £60m, Elliott could boast cumulative profits since 1980 of minus-£1m. Its turnover was down by a third. “It was selling the businesses that were saleable to finance the closures of the ones that were unsaleable,” says Frye.
                            With the M Frye branch of the family pocketing £15m out of the Rotaflex sale, it’s not surprising that Michael Frye came back to Elliott very reluctantly. But within a couple of years Frye, whose famously heavyweight frame disguises a surprisingly vigorous spirit, was at the helm as chief executive. The game plan - he swears that he and Warburgs had shaken on it in advance of his appointment - was that he would do the clear-out and it would come up with the capital. Between them, Elliott would be restocked with businesses going in the right direction.
                            The middle chapters of the tale, featuring the recession, staff turnover at Warburg and the dream deal that got away, are not for the public record, but the outcome was that by 1991, Elliott had too many new businesses, too much debt and too much of its old portfolio still left. Much of the remaining detritus was pushed overboard in a hurry at huge cost - losses in 1992 were £29m - and Elliott’s share price fell from £15 to 50p.
                            Elliott teetered on the edge throughout 1992. Two days before the bank facility terminated, Scandinavian outfit AP Moller led a deal which put the bankers back in their box but still left borrowings uncomfortably high. Moller got 42 per cent of the share capital.
                            Earnings were back in the black by 1994, and usefully ahead by 1996. That signalled an effort to place half the Moller stake and fix the balance sheet once and for all - calling for £22m in total. This was spurned by the City. Then earnings faltered in 1997. The clear-out of Newall Aerospace - Frye insists he wanted to get shot of it back in 1992 but was overruled - inflicted a £4m exceptional debit. And the 1998 outlook was unexciting.
                            Elliott’s problems were clear. It was small. It had a big shareholder who, it was clear to all, wanted out but could not find an exit. It had a chequered history. It showed few signs of an exciting future. With 54 per cent of the shares held by two shareholders, the “free float” of shares was worth about £10m - hardly enough to excite the stockbrokers’ analysts.
                            In the end, none bothered. After all, the small free float made Elliott equally unattractive to fund managers. To the manager of a £200m fund, investing less than £2m in one company might not seem worth the trouble. If £2m represents 20 per cent of the free float, he really is going to need convincing.
                            A quoted share can cope with one or two of these millstones, but not the whole lot. While shares in general soared, Elliott’s sank. The company needed recycling. Frye puts no gloss on his conclusion. “We failed. I think I got more of the blame than I deserved, but the bottom line was that we failed. If we had stayed public, it would have taken three to five years to turn it round and shake off the history... all to be done with grudging shareholders and no fresh capital.”
                            But as the share price got down below 60p last summer (and the price-earnings ratio below six - less than half the average for all shares), a silver lining came into view: Elliott was now so cheap that even with modest prospects, it was going for less than a song. Anyone who had confidence it would deliver at least the little it promised, could take on the risk of buying the whole company. Enter the privatisation option.
                            The deal wasn’t going anywhere without a nod from Moller. It took several months to bring it on-side at a price which Elliott’s advisers, Coopers & Lybrand, thought it could deliver - 110p, 38 per cent above the market price at the end of 1996. But the shares tumbled in the first half of 1997 and the Scandinavians eventually signalled green. So did the second largest shareholder, Foreign & Colonial, which volunteered the bonus that it would roll over its stake into the privatised Elliott. These two commitments meant that a majority of the share capital was accounted for.
                            That was an important element; the venture capitalists who finance buy-outs do not have the same feel for their takeover targets as industrial bidders. They therefore want to check the goods over more carefully. That costs money - which would have to be written off if they were outbid. “Having a majority of the capital isn’t a precondition for this type of transaction, but it does make it a lot easier,” explains Jerry Young of Coopers & Lybrand.
                            Young struck a deal with Toby Boyle of Morgan Grenfell Development Capital (MGDC). “We have looked at several of these public-to-privates, but this is the first we’ve done,” says Boyle. “You need three things, and we had them all here. First, a substantial base of shareholders who want to do the deal; checking out the details takes time and money, so you want to have the deal wrapped up in principle before you get into that. Second, you need the management to be behind it; sometimes we have thought the management was too wary. And third, you need access to carry out your due diligence.”
                            Boyle got all the access he needed. Young, who originally planned to announce the offer in early December, found himself dealing not only with MGDC’s own checker-outers, but hordes of advisors. Lawyers checked Elliott owned what it said it did. Strategic consultants checked the management wasn’t whistling in the wind. Insurers checked there were no unforeseen claims in the post. And environmental people checked that no nasties were buried in the ground.
                            And, when that little lot was done, the four sides locked horns to agree the fine details. Elliott, represented by directors who wouldn’t be joining the buy-out, had to be able to tell its shareholders that the deal was fair. The Royal Bank of Scotland, which would be lending the new company £50m (much more than its borrowings in the depths of 1992), wanted to ensure that it would get its money back even if it comes unstuck. MGDC wanted to make sure the management had the right balance of carrot and stick. The management team had the identical concern in reverse. They needed four firms of lawyers and two firms of financial advisers. Taking in MGDC’s due diligence investigators and the printer of the offer document, there were 15 separate fees to be paid, Young recalls. He’s shy about the precise total, but his steer points past £3m.
                            The last “i” was dotted at 5am on February 14, 1998, about the same time as the last revellers at the Coopers & Lybrand annual party got to bed. Young’s colleague Jerry Loftus, whose report to the banks had tossed Frye a lifeline back in 1992, volunteered to miss the bash in order to chair the completion meeting.
                            So what now for Frye’s offbeat collection of tube benders, hot metal measurers, battery chargers and a dozen other items of industrial arcana? A touch more reorganisation, for a start. The terms of the deal provide for a modest acquisition or two, and maybe there will be some small disposals. After that, it’s heads down until it’s time for MGDC to make its exit. For obvious reasons none of the participants emphasises returning to the stockmarket, but all acknowledge that it’s possible. “The company would have to be quite different if it was going to be refloated,” says Boyle. “I suppose that’s probably the most likely route, provided we can tell a story showing it has changed, that it has achieved things in private.”
                            Failing that, Elliott will be carved up. The businesses Frye and Warburg put into it in between 1989 and 1991 are probably too diverse to appeal to any one industrial buyer - if they weren’t, it would have been taken over long ago. Michael Frye suggests that Elliott would be attractive “to the right two buyers, in two chunks.” When pressed, he suggests a less final alternative: perhaps either its mechanical or its electrical grouping could be sold “and we could come back with one bit rather than two.” One suspects his favoured goal would be to return to the stockmarket with two bits. The vindication would be worth as much as the considerable amount he’d stand to collect.

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                            • #15
                              Looks like a root storage rack behind the shaper on one of the
                              later pix. Enquiring minds want to know: turnips, mandrigora?
                              sweet potato?
                              Steve

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