The management team of an award-winning Gloucestershire bathroom company has acquired the business.

Hazlewoods Corporate Finance team advised on the multi-million-pound sale of family-owned Lakes Bathrooms Ltd, which is based in Tewkesbury and trades as Lakes Showering Spaces.

Founded in 1986 by Robin Craddock and his father, Lakes grew organically and gained a reputation for manufacturing high quality shower enclosures, doors and bath screens, and for providing excellent customer service.

Innovative products including AllClear stay clean coating and PureVue low-iron glass helped the company to win multiple industry awards.

The new owners, Mike Gahir, Bev Brown, Chris Thain and Darren Bedford, were already directors in the business following a management restructure last year. They have acquired Lakes Bathrooms Ltd and its subsidiaries, including a manufacturing facility in China.

This management buyout (MBO) will secure the future of the business, which employs more than 100 people and supplies some of the UK's best-known buying groups.

Bev Brown, who joined the company as finance director in 2012, said: "This is a new era for Lakes. We are committed to building on the excellent reputation, quality and superior customer service which has enabled the business to thrive for so many years.

"I would like to thank Rich Grover and the Hazlewoods team for their unwavering support throughout the process. Rich became a trusted adviser, and his expertise and guidance was instrumental in achieving a successful outcome."

Rich Grover, Hazlewoods corporate finance director, said: "This is a super outcome for Lakes and the MBO team, who I know have ambitious plans to grow the business.

"It was a pleasure to assist the shareholders with succession plans for the business, which has a long and distinctive history as a key player in the bathroom industry. We wish the management team every success with their plans for business."

The MBO deal was financed by Praetura Group, a financial services company which specialises in lending and equity solutions for start-ups and SMEs.

Hazlewoods is the sixth most active corporate finance team in the UK, completing 165 transactions valued at over £1.5 billion last year.

If you are considering buying a business, selling your company or are looking for ways to finance your growth plans and would like to find out more about the process, contact Rich Grover on 01242 680000 or email rich.grover@hazlewoods.co.uk.