Shower enclosure specialist Lakes Bathrooms has been acquired in a pre-pack administration deal by Birmingham-based hardware and ironmongery supplier Hiatt Hardware Group in a deal that secures more than 120 jobs and brings the showering specialist under new ownership after more than 50 years in the bathroom sector.
While Lakes is a familiar name after more than 50 years in the sector, Hiatt Hardware Group is better known within the wider hardware, ironmongery and merchant sectors, supplying products to builders’ merchants, retailers and trade customers across the UK and Ireland.
The acquisition for an undisclosed sum marks a significant expansion for Hiatt into the bathroom market, with Lakes adding a recognised showering brand and UK manufacturing capability to the group’s portfolio.
Lakes was previously acquired by a management buyout at the end of 2023 by a team including managing director Mike Gahir. Before then, 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.
Hiatt said the addition of Lakes’ manufacturing operation would strengthen its supply chain and broaden its offer to trade customers.
Ankesh Agrawal, Chairman of Hiatt Hardware Group, said: “Lakes is a respected, well-established British brand with genuine manufacturing heritage and this acquisition is a bold and considered move that reflects our confidence in the long-term strength of the UK trade and home improvement market. Our focus now is on supporting the Lakes team and ensuring continuity of the excellent service their customers expect.”
Following completion of the acquisition on May 18, the combined group will now employ around 200 people.
Adrian Jones, Group Finance Director, said: “This is a strategically and financially sound investment. We have clear visibility on the synergy opportunity and a disciplined plan to create sustainable value across the combined group. The acquisition supports our ambition for long-term, diversified growth underpinned by strong financial discipline.”