Laidlaw Architectural Ironmongery and Balustrading Solutions, the Willenhall division of the Laidlaw Interiors Group, has been acquired out of administration by Intrinsic Equity.
Richard Hawes and Clare Boardman from the business advisory firm Deloitte were appointed joint Administrators of Laidlaw Interiors Group Limited, Laidlaw Interiors Limited, Leaderflush Shapland Limited, Interiors Manufacturing Limited, Laidlaw (UK) Limited, Laidlaw Solutions Limited and Cubicle Systems Limited on 18th December 2015, and sold the majority of the trade and assets of Laidlaw Architectural Ironmongery and Balustrading Solutions to an unconnected newly formed company.
The business is being recapitalised with £4 million investment and working capital facilities from Intrinsic Equity, the investment vehicle of Birmingham based Orbis Partners, and asset based lending facilities from Leumi ABL.
The Laidlaw Interiors Group has suffered cash flow difficulties as a result of significant trading losses in the door division of Leaderflush Shapland.
For over 140 years Laidlaw has earned its reputation for providing high quality ironmongery products and services to a national customer base and providing complex ironmongery solutions to the Healthcare, Education and Commercial markets. Under the new ownership, Laidlaw will build on the core strengths of the business, with an increased customer focus and the resources to ensure that the service and quality which it is known for continues to thrive.
The business is headquartered in Willenhall and in 2015 the Laidlaw turnover was £20 million and generated a profit of over £0.5 million. The business employs 137 people across eight sites in UK who were all transferred across to the new business.
James Grenfell, Principal at Intrinsic Equity commented: ”Laidlaw is a fantastic business that has suffered largely as a result of significant ongoing losses in Leaderflush Shapland a sister division within the group. The core business has always been profitable and provides a great platform for us to focus on Laidlaw’s strong brand recognition and ability to deliver complex ironmongery solutions.”
Richard Hawes, partner at Deloitte, commented on the sale: “We are pleased to conclude the sale of the Laidlaw Ironmongery and Balustrading businesses to Intrinsic which will secure continued employment for the 137 staff. We wish the new owners and employees the best for the future. We are also pleased to have secured employment for more than half of all employees within the Group. We would like to thank all staff for their support during this challenging period.”