Swindon-based corporate finance advisors Watersheds have initiated and advised the shareholders on the sale of a Bath laundry company to industry experts.
The sale of Regency Laundry to Julian Carr and Stuart Calder will allow the high-quality service that it provides to an esteemed customer base to continue with the same staff at the same Bath-based premises in St Peters Terrace, Lower Bristol Road, occupied by the business for more than 100 years.
The business has seen multiple generations of shareholders, the latest of whom are not active in the business.
The shareholders felt that they have been unable to steer the business effectively since the global recession and were keen to find a solution that would protect the continuity of service to customers and continued employment for its workforce of 80 employees.
Watersheds partner Jessica Painter commented: “I’m delighted to have worked with such a well-respected and long-standing business and ensure continuous service to customers.
“We worked quickly to help the shareholders achieve their ambitions and by working on a contingent-fee basis, committed to getting them a result.”
On working with Watersheds, Rob Cyphus on behalf of the shareholders, added: “As promised, Watersheds introduced us to a small number of suitable acquirers to enable us to have choice and find the right home for the business and allow the shareholders to plan for their future.
“As a board of non-executive directors, with no experience in transactions such as this, we were pleased to be supported by Watersheds expertise.”
It is rare to have all of the parties involved from one area.