Date Published: 3rd May 2012
Exactly one week after Newton Abbot based Launa Windows was placed into Administration, Ian Walker and Chris Norman, Joint Administrators from the Exeter office of corporate rescue and restructuring specialists Begbies Traynor, have sold it as a going concern.
The Administrators received offers from a significant number of interested parties. Following detailed negotiations, a deal was completed today with LW South West Ltd, a company associated with Britannia Windows, based in Britsol. LW South West have bought the goodwill and business assets of Launahurst, which traded as Launa Windows in Devon and Cornwall for over 40 years.
Managing Director Hayden Rushton says, “We are looking forward to driving Launa Windows forward and continuing to serve the South West of England. The staff at Launa have been outstanding in very difficult circumstances; we are committed to generating employment in the region and hope to create 40 jobs over the next month. Britannia Windows is a second generation family business and it’s a tremendous honour for me to be involved with such a well-respected household family brand. A big thank you to all our customers who have been very supportive during this difficult period’.
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.