Nearly four hundred jobs saved before Christmas at national furnishings company

Nearly four hundred jobs saved before Christmas at national furnishings company

Published:

Author: Kellie Young

Hundreds of jobs have been saved just a week before Christmas at a UK interior furnishings company, after a rescue deal was struck with administrators of Laidlaw Interiors Group.

Aaron Harlow

National law firm Shoosmiths led the deal which ensured that 370 workers whose jobs were under threat after administrators were called in will now remain employed.

The firm provided insolvency and restructuring advice to Valtegra - a European-based privately held investment company - as part of its acquisition of part of the Laidlaw Interiors Group, from administrators at Deloitte LLP.

The acquisition, which included Laidlaw's Longden Doors, Cubicle Systems, Fitzpatrick and Komfort divisions, was funded by Valtegra which has provided significant investment to develop and strengthen those businesses.

Francis Milner, of Valtegra said: 'We recognised that there were viable businesses within the Laidlaw Interiors Group. We have a management team in place in each of the divisions which I am confident will enable us to create profitable and sustainable businesses going forward. This is a further exciting investment for us and a strong indication of our support for UK manufacturing.'

The Shoosmiths team was led by insolvency Partner James Keates, Senior Associate Aaron Harlow, and Solicitor Natalia Tombs.

The team worked against tight deadlines on a complex transaction, in order to complete the deal and secure the future of the business and the employment of its staff before the Christmas period.

Aaron Harlow of Shoosmiths said: 'We were pleased to be able to work again with the Valtegra team in closing this transaction, which has saved many jobs in the week before Christmas. This investment will be a further boost for UK industry. This is our second successful deal for Valtegra this year, having completed a similar transaction in November.'

Shoosmiths' corporate team has advised public and private companies, management teams, investors and debt providers through the business life cycle. Shoosmiths work with businesses from start-up and first round finance through to mergers and acquisitions, MBO and MBI transactions, development funding and on exits, by way of sale, listing or private equity investment.

The national corporate team has been placed second by deal volume in Experian's UK Deal Review and Advisor League Table and eighth by deal volume in Europe. The firm recently won Law Firm of the Year at both the British Legal and M&A Awards 2015.