European Door Sets acquired by investment fund

ORMSKIRK: Investment fund, Brathay Investments, has acquired European Wood Products, a £5m company in a deal backed by the Royal Bank of Scotland.

ORMSKIRK: Investment fund, Brathay Investments, has acquired European Wood Products, a £5m company in a deal backed by the Royal Bank of Scotland.

Brathay was set up by JD Sports chairman Peter Cowgill and David Rogan, whose career as a finance director and general manager includes his post as managing director of a division of Hunter Timber, a subsidiary of the Wickes Group.

Mr Rogan said: "We like the timber sector because it is currently a very strong sector, and one I am familiar with. This is a very successful business with a strong platform we can build on."

The European Wood Products deal is a majority stake acquisition, with founder Paul Bailey retaining a "significant" stake. Brathay plans to grow European Wood Products, which trades as European Door Sets, by expanding its customer base.

Mr Bailey will remain as a director of the company and his brother Neil remain as sales director.

The total sum paid was not disclosed.