In 1989 the Presto brand Drill bit supplier was in private ownership under the Easterbrook Allcard banner in which the Allcard family still held the majority of shares. The McGee family, minority shareholders, actually ran the business, which by then had been an industry leader for many years. The firm enjoyed a high reputation for its excellent products of Drill bit supplier, high level of investment and technological innovation with a strong product range and brand image. It was too good to last. J Stanley Allcard died in August 1989 and his family sold its majority shareholding. In a very hostile takeover, 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 shocking changes as assets were disposed of, staff numbers reduced and capital investment frozen.
Happily, in October 1997, exactly 100 years from its incorporation, Kennametal Hertel Ltd acquired Presto Engineers Cutting Tools Ltd and Drill Bit Sets, 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. By the opening years of the 21st century, with over a century and a half of history to look back upon, one of Sheffield’s oldest businesses was looking forward to an equally long and prosperous future.