A family bathroom firm has been bought by another company in a multi-million pound deal after entering administration. The Birmingham-based Hiatt Hardware Group purchased Lakes Bathrooms Ltd and Lakes Showering Spaces, described as one of the UK bathroom sector's most established premium brands, on Monday.
Hiatt Hardware Group, which distributes and supplies hardware and ironmongery products across the UK and Ireland, said more than 120 jobs were saved in the acquisition.
Chairman Ankesh Agrawal said: "Lakes is a respected, well-established British brand with genuine manufacturing heritage and this acquisition is a bold and considered move that reflects our confidence in the long-term strength of the UK trade and home improvement market. Our focus now is on supporting the Lakes team and ensuring continuity of the excellent service their customers expect."
Administrators were appointed for Lakes Bathrooms on Monday — the same day of its sale — according to a notice published on The Gazette, the official public record website, on Friday.
Based in Tewkesbury in Gloucestershire, the company had been a family business for 40 years since being founded in 1986.
In a press release, Hiatt Hardware Group said the business is well-known for its quality, design innovation and customer service.
Lakes’ own manufacturing facilities were also singled out as positive by strengthening the group’s supply chain resilience and mirroring a model that has already proved successful in the company.
Nipun Agrawal, Group CEO of Hiatt Hardware Group, added: "This acquisition accelerates our strategy to build a stronger, more diversified group with market-leading brands across the hardware and home improvement supply sectors.
“Lakes brings a high-quality manufacturing capability and a loyal, specialist customer base that complements our existing trade relationships."
Following the purchase, Hiatt Hardware Group said it will grow to employ 200 people across the combined group.
The administrators at Grant Thornton UK have been contacted for comment.
