One other firm has purchased the enterprise in a multi-million pound deal, securing greater than 120 jobs.
File picture a WC showroom (Picture: Getty Photographs)
A household rest room agency has been purchased by one other firm in a multi-million pound deal after getting into administration. The Birmingham-based Hiatt {Hardware} Group bought Lakes Bogs Ltd and Lakes Showering Areas, described as one of many UK rest room sector’s most established premium manufacturers, on Monday.
Hiatt {Hardware} Group, which distributes and provides {hardware} and ironmongery merchandise throughout the UK and Eire, stated greater than 120 jobs had been saved within the acquisition.
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Chairman Ankesh Agrawal stated: “Lakes is a revered, well-established British model with real manufacturing heritage and this acquisition is a daring and regarded transfer that displays our confidence within the long-term power of the UK commerce and residential enchancment market. Our focus now could be on supporting the Lakes workforce and making certain continuity of the wonderful service their prospects count on.”
Directors had been appointed for Lakes Bogs on Monday — the identical day of its sale — in keeping with a discover printed on The Gazette, the official public document web site, on Friday.
Based mostly in Tewkesbury in Gloucestershire, the corporate had been a household enterprise for 40 years since being based in 1986.
In a press launch, Hiatt {Hardware} Group stated the enterprise is well-known for its high quality, design innovation and customer support.
Lakes’ personal manufacturing amenities had been additionally singled out as constructive by strengthening the group’s provide chain resilience and mirroring a mannequin that has already proved profitable within the firm.
Nipun Agrawal, Group CEO of Hiatt {Hardware} Group, added: “This acquisition accelerates our technique to construct a stronger, extra diversified group with market-leading manufacturers throughout the {hardware} and residential enchancment provide sectors.
“Lakes brings a high-quality manufacturing functionality and a loyal, specialist buyer base that enhances our current commerce relationships.”
Following the acquisition, Hiatt {Hardware} Group stated it should develop to make use of 200 folks throughout the mixed group.
The directors at Grant Thornton UK have been contacted for remark.
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