Contract delays drag Laidlaw Interiors Group into administration
Laidlaw Interiors Group (LIG) crashed into administration as a result of a number of significant delays with several major contracts and unhelpful external trading conditions, according to administrators from Deloittes.
LIG was formed in 2011 through the combination of the doorsets and ironmongery businesses of Laidlaw with the interiors manufacturing division of SIG. LIG 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.
Joint administrators, Richard Hawes and Clare Boardman, were appointed before Christmas, and agreed the sale of four Laidlaw businesses with London-based investment house Valtegra. The newly acquired businesses include Komfort, the manufacturer and supplier of partitioning systems and specialist glazing and doors; Fitzpatrick, manufacturer of performance steel doors; Longden, manufacturer of hand-crafted hardwood doors; and Cubicle Systems, manufacturer and supplier of washroom solutions.
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 administrators have failed to find a buyer for Leaderflush Shapland, the door manufacturer, and the workforce was told the factory will not be re-opening. The administrators are seeking buyers for the group’s other companies.
