A historic architectural products firm which has been trading for more than 140 years has been sold out of administration with loss of around 40 jobs.
Matthew Ingram and Allan Graham, from financial services firm Duff & Phelps, were appointed administrators of Laidlaw on January 17 after the company had suffered difficulties following the delay in projects starting.
The company, which was founded in 1876, employed around 60 staff and supplied the construction industry with products such as architectural hardware, access control, integrated doorsets and balustrade.
It operated from four sites in Bristol, Gateshead, Sheffield and Willenhall where it was headquartered.
Administrators have managed to secure rescue deals for two parts of the company however the remainder could not be saved and has closed with all staff being made redundant.
The first deal saw Darlaston-based manufacturer Komfort Partitioning acquire the former handrail and balustrades division of Laidlaw, saving four jobs.
The second transaction was to Manchester-based door hardware supplier UAP which has bought the locking systems division, securing a further eight jobs.
Mr Ingram said: "Laidlaw experienced cash difficulties as a result of delays in key projects starting.
"Despite exploring many options to ensure the survival of the company, the continued drain on working capital resources ultimately left the directors with no option but to place the company into administration.
"Our objective was to identify a buyer for the company and its assets in order to provide continuity of service for customers, suppliers and employees.
"Naturally, we are delighted that we were able to secure a future for two divisions of the business.
"We will continue to assist the employees impacted by the closure of the parts of the business that sadly could not be saved despite our best efforts."
Steve Eyles, operations director of Komfort Partitioning, said: "We are pleased to have been able to put together an offer for the handrail and balustrades division of Laidlaw and are excited about the team joining the Komfort business.
"It is well suited to our expertise and focus, we believe it has great prospects going forward."
David Jennings, chief executive of UAP, added: "The acquisition of locking systems is an excellent addition to the UAP Group."
