A syndicate of banks and investment firms has taken a majority stake in Anglian Home Improvements in exchange for reducing the company’s large debt by £90m.
The rescue plan saw the closure of two depots around the country and a decision to scale back its fitting operation and take about 100 of the company’s 1,000-strong fleet of fitting vans off the road.
The syndicate of new owners includes Banc of America Securities, Bank of Scotland, Barclays, BlueBay Investments, Lloyds TSB and the Royal Bank of Scotland.
The venture capital group Alchemy Partners, which took the business off the stock exchange in 2001, will retain a minority stake in the business.
Mr Peter Mottershead said: “As a result of this change in ownership and the debt refinancing, the company is in a stronger position to withstand the current economic environment.
Mr Mottershead took charge of the 40-year-old company - the UK’s largest home improvements business - in March this year after the departure of Alex McNutt, who had been chief executive for two years.
“Together with many other companies, the business has been impacted by the current economic environment and, as any well-managed business has to do, is undertaking an extensive cost restructuring programme that has so far included depot closures and the consolidation of a manufacturing facility in Rochdale into the company’s Norwich operations.”
In April Anglian appeared on the BBC’s Watchdog programme due to the number of complaints about poor workmanship and customer service. To date I have had 76 comments on the story I wrote about Anglian’s unwelcome TV coverage.
Let’s hope that this new development will now safesguard the majority of the 4700 Anglian staff, and customers start receiving the type of product and service they deserve.
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21 responses so far ↓
1 Jonathan Livingston Seagull // Jul 31, 2008 at 8:59 am
£90 Million is only part of the debt? Sounds like the beggining of the end for this giant. The way the economy and the market is at the moment the meduim sized regional companies that are run efficiently are the companies to choose. They will also benefit long term.
2 Andrew // Jul 31, 2008 at 9:23 am
I think we all new something’s been up for a while… Maybe they’ll stop giving it away now?
3 Barry // Jul 31, 2008 at 10:57 am
Thanks Matthew - you know, increasingly I am getting the window and conservatory industry news via this website. I had not heard the latest Anglian news until reading your post this morning.
4 Renegade Conservatory Guy // Jul 31, 2008 at 11:08 am
Thanks Barry. I found the news on a few websites last night.
I am lucky in that I can react very fast to new news items, but I only post what I’m interested in. I’m not looking to compete with Fenestration News or other specialist industry sites, as I couldn’t be as comprehensive.
But, for a rather off-the-wall view of the latest double glazing news, people are recommended to sign up for the free updates!
RCG
5 Andrew // Jul 31, 2008 at 1:55 pm
I’m really confused as to why a consortium of banks would take on that sort of debt….. Is it possibly if they didn’t take it on they would loose potentially far more money????
6 paul.com // Jul 31, 2008 at 3:09 pm
It’s a relief to hear this news because when you feel like you’ve been excommunicated from a company it destroys your belief in yourself no matter how much you try and fight it.
To all the miserable people in installations , surveyors and administration that think salesman are big headed ponces and seem to secretly despise us and wish us failure this is what happens . You all lose out too.
I don’t believe all these excuses about the economic climate. When I go out and work my ass off to be positive and my eternally optomistic attitude makes you sick it means you don’t know Jack shit about what this business is. When I sign up £100’s of thousands of business and you can’t be bothered to install it this is what happens.There’s absolutely loads of business out there and it’s the companies with the right attitude that are prepared to work for a living that are going to benefit. Coincidently at 2 houses I happened to be visiting today there were 2 window reps waiting to see the occupants. 1. Vulcan windows in Hull 2. Envy windows in Castleford.
7 Renegade Conservatory Guy // Jul 31, 2008 at 3:13 pm
Can you get me the addresses? haha!
8 paul.com // Jul 31, 2008 at 6:42 pm
I do remember them but you don’t door knock do you so what use would they be? The Castleford one was Holywell Lane and the Hull one was St.Pauls Close,Hessle. I must be thinking very lucidly nowadays because I even remember the numbers!Maybe there’s some link between people who have ordered kitchens and buying windows. Apart from having too much money to spend I can’t think what that is??I may be sitting on a gold mine.
9 paul.com // Jul 31, 2008 at 6:47 pm
Oh yes, I think the secret of a good company might be teamwork. Mutual respect between sales, installers ,marketing, admin and installers. Maybe that gets lost when a window company is too big.
10 Andrew // Jul 31, 2008 at 7:34 pm
I think it’s just the way of the world, installers will always feel that sales guys earn too much money, I know when I’ve been sending the sales guys their commsions thinking why do I run a double glazing company why don’t I sell, it’s certainly not as much stress..in alot of ways.. but stress in other ways if that makes sense…
Surveyors don’t like sales guys, installers don’t like surveyors or sales guys, and the owner doesn’t like anybody because they all earn more than him.
It’s just how it is….
11 paul.com // Jul 31, 2008 at 10:23 pm
Last post should have read “sales, installers, marketing, admin and surveyors”. We’re all on the same side.
12 paul.com // Jul 31, 2008 at 10:42 pm
Can I bore you with another of my little stories. One time it had got incredibly busy with leads and I wasn’t able to talk to the Anglian Surveyor about a survey on one of the conservatory orders I’d made when he phoned me. The conservatory I’d measured wasn’t going to fit round the kitchen door and was at the maximum size for the cheaper Crusader Lean To conservatory I’d sold. It needed only another 25cm or something silly. It was 5metres by 3metres projection at 15K and the upshot of the surveyors visit was that he repriced it in the more expensive White Knght range at cost of 20K and the customer cancelled. Is that a surveyor doing his job or that just can’t be bothered and wants to get off home as quick as he can?
I’d travelled all the way to Hull that day to maximise the use of the leads that where not being sat there because everyone had left and it was a quiet time of year. So my reward for that was not to be able to be at the survey and lose out on business I already had. Thanks Anglian.
13 paul.com // Aug 2, 2008 at 3:49 pm
Andrew thanks for being so honest. I don’t think many people would have admitted that and any readers might have thought I was talking not out of my mouth.
So I’ve got a valid point. What can be done to remedy this way of thinking and make the whole workforce think in terms of “our company which we’re proud to work for because we’re the market leaders” or don’t you think it matters?Why isn’t it possible for the sales to think what great installers and surveyors we have and vice versa?
14 Andrew // Aug 2, 2008 at 8:02 pm
I was just being slightly amusingish with my comments, my company tends to get along really well, but sometimes the decisions that are made by some people whether that be marketing, sales, surveyor, admin or me cant always please everyone.
The fortunate thing for me is I’ve been a salesman all my life so I understand how they tick, it’s just about being kept in the loop and ensuring that they feel part of the team, they are more important than most areas of the business.
Double Glazing is a great industry and personally I love it, Paul you sound a good guy so if you ever feel like moving to Wales give me a call…
But anyway back to Anglian…
15 Renegade Conservatory Guy // Aug 2, 2008 at 9:16 pm
Paul - I know that’s a great deal. Working in the Valleys for a great company, or a good deal. In fact, Andrew, I want the job!
16 paul.com // Aug 2, 2008 at 10:00 pm
Yes it does sound very attractive. I know very little about Wales and feel I should know more. Just don’t ask me to try and sing the national anthem!
Back to Anglican. It’s amazing how many people get the name confused. There used to be at least 2 every week. Even I used to say it by mistake sometimes. Ok that’s enough relevancy. Good luck to them.
I’d like to do a bit of selling , a bit of conservatory building ,roofline and window fitting, but I’ll pass on roofline on a cold windy day. Get everybody to try a little bit of everyone elses job so we can all appreciate that each job has it’s own difficulties.
17 Andrew // Aug 2, 2008 at 10:22 pm
RCG the jobs yours in fact I need the guru down here so whenever you can start is fine by me.
The best part about Wales is the sheep! You can’t beat a Friday night!!
18 Renegade Conservatory Guy // Aug 2, 2008 at 10:33 pm
Excellent. I’m setting off now. Where’s my wellies?
19 Andrew // Aug 3, 2008 at 9:41 am
You can borrow a pair if you can’t find yours..
20 Dave // Sep 25, 2008 at 10:15 pm
Came accross this site by chance and find it very interesting and its good to hear comments from like minded grafters.
I have been extremely succesful, through hard graft in a industry full of competition. I developed skills from scratch in sales, marketing , installations of various home improvement products.
I built up one of the companies and within 5 years became the largest driveway and patio group in the uk. I also grew a steel fabrication manufacturing company into a work force of 15 men, within 2 x 10,000 sq ft units. All within a period of 8 month from conception!
The reason for my post is simple and relates to several posts submited…. Yes i agree good sales and staff members are vital to run a succesful buisiness.
I have always been a great admirer of talented workers and i always show them great respect.
I wish for any viewers of this post who would like the oportunity to be involved in a business proposition to be a partner without any financial commitment…. please reply. All i seek is passion, trust and commitment.
David
21 CIF // Oct 10, 2008 at 4:19 pm
I have been waiting 8 months for a single replacement window panel on a six bedroom house! I assume Anglian has made big cuts in the after sales customer service department hence the back log! The customer service department do not appear to have any authority to actually recognise and solve the situation. Very frustration but what can you do post purchase?
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