UK
The corporate team from Cheltenham-based BPE Solicitors acted for a new management team in their acquisition of the trade and assets of Bath-based Regency Laundry. Originally called Bath Steam Laundry, it was established in 1879 and is one of Bath’s most well-known and respected family-run laundry companies. It is also one of the country’s oldest commercial laundry operations.
Regency Laundry operates from two principal sites in Bath. Its commercial laundry branch operates on a national level, whereas its drycleaning branch operates more on a regional basis.
The management buy-in (MBI) has transferred ownership of the business from its shareholders – who were not been involved in the day-to-day running of the firm – to Julian Carr and Stuart Calder, who have interests in other laundry businesses.
The acquiring management team has a wealth of experience in commercial laundries, which has been gained from owning and running similar businesses over many years. They aim to modernise the business practices of Regency in order to meet the challenges of operating in a highly competitive sector, as well as aiming to expand the business into new regions and markets.
The acquisition, headed by BPE Partner, Dale Williams, also included a deal to lease Regency’s principal operating property from the previous owners for a five-year period after which they will relocate the business to a new, modern premises.
Williams said: “We are delighted to work with team at Regency Laundry; it’s always a pleasure to see an old established business being given a new lease of life.
The MBI team was advised by Cheltenham-based Hazlewoods Corporate Finance while the shareholders were advised by the Swindon office of corporate finance firm Watersheds.
Watersheds partner Jessica Painter said: “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.”
