Change of owners at Glenmuir
Story published at 17:30, Friday, December 6th, 2002
Glenmuir Limited announces that the company has been purchased by Ordinal Limited, a company formed principally by the Ruia family who own the Ruia Group.
The Ruia Group (Ruia) has a number of significant textile businesses, importing and distributing household textiles and hosiery. Ordinal Limited has said that it intends to develop the Glenmuir business, which will continue to be based in Lanark, Scotland. No redundancies will follow as a result of this acquisition.
Glenmuir has been owned, since January 2000, by its four executive directors, Graham Hayward, David Cowan, Len Stevenson and Andy Bough, all of whom who will remain with the business for the foreseeable future.
David Cowan, Len Stevenson and Andy Bough will continue with their existing functions. Graham Hayward will support the new managing director, Colin Mee in the post of deputy managing director. Colin Mee is currently the managing director of the Ruia subsidiary, Osan Limited.
Glenmuir Ltd was purchased from Grampian Holdings plc in January 2000. Since that date the business has undergone considerable change (including accreditation for ISO9001:2000 and Investors in People) resulting in the company’s return to profitability. The shareholders / executive directors following a successful year and a good sell-in for 2003 decided that it was an appropriate time to review the future long-term funding requirements of the company and, during financial discussions, received an offer from Ordinal Limited for the entire issued share capital of Glenmuir. This offer was accepted and the sale completed on 5th December 2002.
Commenting on the announcement, Graham Hayward, former chairman and managing director said, “We are delighted that we have been able to put this agreement in place with Ordinal Limited which will bring additional funding into Glenmuir to further develop the business. It was also important for us to find an investor who would demonstrate a commitment to retaining the business in Lanark and building on the’Investors in People’ and’ISO 9001:2000’ awards which everyone in the company has worked hard to achieve.”
Colin Mee, the newly appointed managing director of Glenmuir, said, “We are very pleased to have been successful in our offer to acquire the company. The Glenmuir brand is a highly respected name in the golf and leisure market throughout Europe and we intend to work hard to build on this strength. We have been very impressed with the commitment and energy of the Glenmuir staff and the many agents and distributors who represent the brand in different markets. We are also grateful that Graham Hayward and his colleagues have agreed to remain with the business in order to maintain continuity in taking forward the profitable and growing company which we have acquired.”