Sheffield-based timber company Arnold Laver has been acquired by management in a multi-million pound deal.
The management buy-in deal, involving the founder’s grandson Andrew Laver, was supported by Nigel Petrie, a former board member of MG Rover, who becomes non-executive director.
The company has been bought from the family trust whose decision to sell resulted from the business’s pace of change requiring a more streamlined ownership. The trust had owned Lavers since the founder died in 1971.
“The acquisition will now allow the group to continue to expand its timber merchanting, leisure and property division in the direction and at the pace determined by the main board rather than the trustees,” said managing director Andrew Laver.
The acquisition has been financed by personal monies from the main board, plus Yorkshire Bank borrowings.
