‘Financial restructuring’ for Bowater

Bowater Building Products Group which comprises WHS Halo, Bowater Windows and Doors, and The Prime Connection, has announced the completion of a financial restructuring.

The group has claimed that this significantly strengthens its balance sheet and introduces two new investor groups: Barclays Ventures, and the executive management team.

The chairman of the Group, Mark Aldridge, said that this was the final step in a complex journey that has taken two years to complete but which now secures the long-term future of Bowater Building Products.

In a statement released today (December 8) Bowater claimed that Joanne Holland, Group CEO, has made significant operational changes across all the Bowater Building Products companies since her appointment in 2008.

Speaking of the industry in general Joanne said: “When the chairman asked me to join Bowater, the challenge ahead was clearly significant – the building products sector was going through a very difficult time and all but essential investment in the Group had been put on hold due to a weak balance sheet.

“However, I could see huge potential in the WHS Halo business in particular. The calibre of its management team combined with high quality, market leading products, outstanding service levels, a well-invested production plant and its position as one of the UK’s largest extruders of profile gave me the confidence that we could make a real success of this business.

“The final part of the jigsaw that needed to be secured to allow the Group to develop for the future related to the financial structure of the business. This has now been achieved together with our banking partners, and with the support of existing investors 3i and our new investors Barclays Ventures.”

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