Lakes Showering Spaces has changed hands, following a management buyout led by its current board of directors.
The board – comprising managing director Mike Gahir, finance director Bev Brown, sales director Darren Bedford and operations director Chris Thain – has acquired the entire share capital of the business and will now become joint owners.
Previously, Lakes’s majority owner was the Craddock Family Trust, as well as several minor shareholders. The late Robin Craddock and his father, Alan, first founded Lakes Showering Spaces back in 1986.
The four new owners originally took up their directorship positions last year, following a management re-structuring.
Brown joined the Gloucestershire-based brand over 10 years ago and was the company’s managing director up until last year, when she stepped up to be dual financial director and chairman last summer. Gahir was promoted from director to managing director to fill the vacant position at the same time.
Bedford and Thain both joined Lakes in the past several years, and serve as sales director and operations director, respectively.
Lakes says that each individual member of its directors board has helped to develop the business since their appointments, and their new joint ownership will see them committed to upholding the company’s values going forwards.
“We are all delighted to be able to announce this exciting new era for Lakes and look forward to what lies ahead,” said Lakes managing director Mike Gahir.
“This move also allows us to continue supporting our customers across the UK in line with the history and reputation of Lakes. 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.”
He added: “Going forward, we will continue supporting our team to grow and thrive, while maintaining our family culture, core values and commitment to excellence.”
Earlier this year, Lakes Showering Spaces celebrated the launch of its new Wave shower enclosure product with a prize campaign, giving both retailers and consumers the chance to win vouchers for Lakes products.