Historic laundry business sold after Watersheds called in by shareholders

October 27, 2017

The Swindon office of corporate finance advisors Watersheds has helped the shareholders of an historic laundry firm sell the business.

Regency Laundry, which has worked with some of the area’s top hotels for more than 125 years from its base in Bath, was sold in a management buy-in (MBI). 

The deal has transferred ownership of the business from its shareholders – who have 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 shareholders felt that they have been unable to steer the business effectively since the recession and were keen to find a solution that would protect the continuity of service to customers and continued employment for its 80 employees.

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.”

Rob Cyphus, on behalf of the shareholders, added: “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.” 

The new owners now plan to grow Regency, which was established in 1879 and still operates from its original site in Bath. It also has four dry cleaning and embroidery outlets across the city.

The firm provides a high-quality laundry and dry cleaning service to households and businesses in Bath, Swindon, Gloucester and the surrounding area, including some of the region’s most prestigious hotels.

Julian Carr, who led the MBI, said: “We are excited by the opportunity and look forward to building on Regency’s high-quality service in the surrounding area and beyond.”

The MBI team was advised by Cheltenham-based Hazlewoods Corporate Finance. Partner Paul Fussell said: “We are delighted to have helped the MBI team complete the acquisition and look forward to seeing the business grow under new ownership.”

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