(Left to right): Orbis Partners partner James Grenfell, Abacus finance director Steve Banks, Abacus managing director Steve Lamb and Orbis Partners director Toby Arrowsmith
Abacus Lighting has been sold to a group of industrialists and financiers shortly after going into administration late last week.
The sale of the Nottinghamshire-based exterior lighting manufacturer has saved the jobs of its 150 UK employees.
Dominic Wong, Christopher Farrington and Paul Meadows of Deloitte were appointed joint administrators of Abacus Holdings, Abacus Lighting and Abacus Investcorp and sold the majority of the trade and assets of the Abacus group to an unconnected newly-formed company.
The Abacus group, based in Sutton-in-Ashfield, Nottinghamshire, told the Nottingham Post it had called in administrators after its finances were affected by five years of heavy investment in its international growth strategy and increasing payments to meet the liabilities of a benefit pension scheme, which was more than 8 million in deficit.
Dominic Wong of Deloitte said: "We have been engaged to sell the business since December 2012. Abacus is a leading name in lighting and attracted a huge amount of interest, but ultimately this transaction provides the best outcome for creditors including the 150 UK employees who transferred to the new business."
The company is being recapitalised with 5 million investment and working capital facilities from a combination of funds managed by corporate finance firm Orbis Partners, trade investment from Diesel Marine International and asset-based facilities from Centric Commercial Finance.
In a statement, Abacus Lighting said: "The business is being recapitalised with a multi-million pound investment and will also benefit from more flexible working capital facilities."
Steve Lamb has taken over as managing director of the company from previous owner Andrew Morris-Richardson who has left the business. Chartered accountant Steve Banks has been appointed as finance director and takes over financial leadership of the business from John Lawson who remains with the company.
