Lakes Showering Spaces has announced the completion of a management buyout, led by its current board of directors.
Managing director Mike Gahir, finance director Bev Brown, sales director Darren Bedford and operations director Chris Thain have acquired the entire share capital of the business and will become joint owners.
Tewkesbury-based Lakes was established in 1986 by the late Robin Craddock and his father, selling showering spaces to builders’ and plumbers’ merchants, and retail bathroom stockists.
In recent years, the board of directors have continued to develop the business, with the team now committed to upholding the company values.
Last year, the company undertook a series of investments, which included appointing the board of directors and implementing a management structure to accelerate and sustain its growth.
It also bolstered its stock capacity to overcome global supply issues and offer an “assured” supply of product.
Managing director Mike Gahir said: “This move also allows us to continue supporting our customers across the UK in line with the history and reputation of Lakes.
“We are all delighted to be able to announce this exciting new era for Lakes and look forward to what lies ahead.
“We would like to extend our heartfelt gratitude to the entire Lakes team for their unwavering support, hard work, and dedication over the years, which has enabled us all to reach this point.
“Their contributions have been instrumental in making this business the success that it is today.
“Going forward, we will continue supporting our team to grow and thrive, while maintaining our family culture, core values and commitment to excellence.”