Fri, 24 Nov 2023 | MBO/MBI
Lakes Showering Spaces, a manufacturer and supplier of showering spaces, has undergone a management buyout (MBO). The MBO sees the firm’s Board of Directors acquire the company’s entire share capital and assume control of the business’ operations going forward.
The Board of Directors is comprised of Managing Director Mike Gahir, Operations Director Chris Thain, Finance Director Bev Brown and Sales Director Darren Bedford. Following the MBO, the directors are now joint owners of the business.
Lakes Showering Spaces, which is based in Tewkesbury, was founded in 1986 by the late Robin Craddock, alongside his father. While building the business, Craddock instilled a family-oriented, independent approach that emphasised customer service and product quality.
The board has helped to continue the development of the business over recent years and, as joint owners, have said they will seek to build on the firm’s legacy and further advance the business, while sustaining its values.
Managing director Mike Gahir said: “We would like to extend our heartfelt gratitude to the entire Lakes team for their unwavering support, hard work, and dedication over the years, which has enabled us all to reach this point. Their contributions have been instrumental in making this business the success that it is today.”
“Going forward, we will continue supporting our team to grow and thrive, while maintaining our family culture, core values and commitment to excellence. We are all delighted to be able to announce this exciting new era for Lakes and look forward to what lies ahead.”
Since the COVID-19 pandemic, alternative exit strategies, including MBOs and sales to Employee Ownership Trusts (EOTs), have grown increasingly popular as outgoing owners seek a sale that helps to both realise value, while preserving the company’s existing workforce and ethos.
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