INTRINSIC Technology has continued its restructuring by appointing a new managing director.

The founder of the Newton-le-Willows technology firm, Allan Gauld, will move to chief executive.

It is part of a multi-million-pound deal that will see an investor take over the business with the aim of quadrupling turnover to £100m inside 36 months.

That deal is still being completed but new MD Mike Mason, who joins from IP infrastructure firm ABSNet, has taken up his position to direct its aggressive growth strategy.

Mr Gauld said: “Mike is one of the big hitters in the channel with a reputation to match.

“He has an extensive background in the industry, with 25 years’ experience in delivering business growth. His impeccable leadership pedigree is what made him such a good fit for Intrinsic.”

Mr Gauld forecasts this financial year turnover will have increased to £24m-£26m, generating an operating profit of “about 10%”.

Mr Mason said: “Having spent considerable time with the management team, it became apparent that the business has a perfect foundation from which to accelerate future growth, which I look forward to being a part of.”