137 jobs saved as Laidlaw’s Willenhall business bought out of administration

LAIDLAW Architectural Ironmongery and Balustrading Solutions, the Willenhall division of the Laidlaw Interiors Group, has been acquired out of administration by Intrinsic Equity, the investment vehicle of Birmingham based Orbis Partners.

The deal has saved the jobs of 137 staff. 

Richard Hawes and Clare Boardman from Deloitte – who were appointed joint administrators of Laidlaw on December 18 – have 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 £4m investment and working capital facilities from Intrinsic Equity and asset based lending facilities from Leumi ABL.

The 140 year old Laidlaw Interiors Group has suffered cash flow difficulties as a result of significant trading losses in the door division of Leaderflush Shapland.

James Grenfell, principal at Intrinsic Equity, said: “Laidlaw is a fantastic business that has suffered largely as a result of significant on-going 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, said: “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.”