Collapsed manufacturer sold off by administrators
A MANUFACTURER that fell into administration in December 2015 is being sold off piece by piece.
Laidlaw Interiors Group collapsed on 18 December and included Sheffield-based Longden, a door manufacturer. which was bought by Valtegra as part of a deal including three other businesses in the group before Christmas.
Joint administrators at Deloitte have now sold Laidlaw Architectural Ironmongery and Balustrading Solutions to the investment vehicle of Birmingham-based Orbis Partners, Intrinsic Equity.
Combined, the businesses employ 137 people across eight sites in the UK, with 16 in Sheffield, who have all been transferred across to the new business.
Richard Hawes and Clare Boardman were appointed as administrators in December 2015 and have now completed the sale of six of the Group’s seven divisions, securing employment for 527 people.
The businesses employed 1,000 people across the UK.
Clare Boardman 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 – 16 of which are based in Sheffield.
“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.”
LIG was formed in August 2011 through the combination of the doorsets and ironmongery businesses of Laidlaw with the loss-making interiors manufacturing division of Sheffield group SIG.
The deal, for £14m in cash, transferred over the brands of Leaderflush + Shapland, Komfort Workspace, Cubicle Systems and SIG Glazing Services to LIG.
The Nottingham-headquartered group had endured some difficult years’ trading but had suggested the worst was over in accounts that were signed off in August.
LIG had reported a £25m loss in the 15 months to December 2014, following a £16.0m loss in 2013. Sales also declined, down £18m to £100m on an annualised basis.
