The Heath Lambert Group has successfully completed its financial restructuring, aimed at cutting its debt by £133m and reducing its interest payments.
Under the restructuring, Heath Lambert's subsidiaries have been formed into a new company, called Heath Lambert Holdings Ltd (HLHL).
Debt specialists Intermediate Capital has a 50% stake in HLHL, which has a new capital and debt structure, and the old holding company has been placed into receivership.
Staff and management now have a 33% stake in HLHL, with the balance held by the senior banks, said Heath Lambert.
A new management team has been put in place following the restructuring, led by executive chairman Ian Martin, finance director Richard Sansom, UK managing director Adrian Colosso, overseas managing director Surinder Beerh and UK chief operating officer Mike Bruce.
Martin said: "Following the abortive IPO and the breakdown of discussions with potential trade buyers, the board decided that the group's future independence would be best served by a stronger balance sheet and a new management team. This will enable the group to take advantage of the opportunities we now have."
