Laidlaw Architectural Ironmongery and Balustrading Solutions is being recapitalised, with a £4m investment and working capital facilities from Intrinsic Equity, 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 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.
The business is headquartered in Willenhall and in 2015 the Laidlaw turnover was £20m. 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.”
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