Total Laminate Systems, specialists in surface finishes has undergone a management buyout with backing of £1.75 million from The Royal Bank of Scotland.
The original family business started trading under Trendibond and later became part of Sherry & Haycock builders and timber merchants. When the latter was sold in 1997, Trendibond was retained, and in 1998 was renamed Total Laminate Systems Limited (TLS). In 2000, the Thame-based business Crown Laminating was purchased and consolidated into TLS, strengthening the business’ proposition. While the Haycock family owned the business, it had been predominantly led by Jakki Andrews, Managing Director.
TLS has two factories, one in Thame, Oxon and the other in Ferndown, Dorset where it manufactures cut and edged panels in laminate and melamine for furniture, boat building, construction, education and shop fitting industries. In 2003 it diversified into producing wall panelling systems for washrooms. It is set apart from its competitors by being the only UK manufacturer able to ‘amour-edge’ boards for some of its clients. The company operates nationally but its key markets are on the South Coast. Furthermore, it has a broad range of customers including big players such as Tesco, Sunseeker and Sico Europe among others.
The Haycock family was looking to retire so they, alongside their business adviser, Liz Brierley of Saffery Champness and Jakki, approached RBS for support with the proposed management buy out of TLS. Having worked for the business and subsequently ran the business as Managing Director for a number of years, the opportunity to buy out the Haycock family was a natural progression for Jakki.
Paul Stewart worked alongside his colleague Carey Moore from the Structured Debt Solutions team, which specialises in leveraged finance transactions, to provide funding enabling a smooth and swift management buyout to take place. Further RBS assistance was provided by RBS Invoice Finance; Steve George led this team in providing an invoice discounting facility to fund working capital. In addition, TLS have now switched their full banking services to RBS.
Jakki Andrews, Managing Director at Total Laminate Systems, commented: “I am delighted to now be fully in charge of the business’ future. There are tremendous opportunities for growth, not least at both of our factories where there is capacity for expansion and for output to be increased. I have thoroughly enjoyed leading TLS and, with my management team, look forward to taking it forward to the next level with the implementation of exciting growth strategies.
Paul Stewart, Senior Relationship Manager at RBS Commercial Banking in Bournemouth added: “I would like to congratulate Jakki on realising the first stage of her ambitions with this successful management buyout. TLS is a successful business with fantastic opportunities to be capitalised on. With Jakki’s business acumen and her in depth knowledge of the company she will now be able to take these forward.”