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Founder's £5m to take back his firm
MORE than 3,000 shareholders have had their shares bought out as part of a takeover by its founder.
Halifax-based Gartland Whalley and Barker – valued at 5,355,940 – has been taken over by founder Tony Gartland and his four children.
The move has given an exit to more than 3,100 shareholders, many of whom have held their shares since the company was set up in 1971.
Over a year ago the board decided to wind up the company and free up as much cash and value for its shareholders so they could get a maximum return of capital, as well as payment for the takeover.
The shareholders had said they didn't want to wait more years for additional small returns so the Gartlands carried out the takeover to release further funds.
Leeds-based Hammonds LLP advised GWB on the recommended cash offer and capital reduction of the company by the Scheme of Arrangement. GWB, which still has a number of ongoing operations mainly in the US and UK, will continue to operate.
It is the holding company of a diverse group involved with manufacturing and trading in components for the automotive industry and the agricultural market, and in commercial office furniture.
The company was also involved in engineering, the services sector and in home and garden supplies.
Tony Gartland set up the company along with Jeff Whalley and James Barker and they used it to buy rundown companies, turn them round and then sell them.
Mr Gartland received a Lifetime Achievement recognition at the Courier Business Awards.
Mr Gartland created a business empire, which included engineering giant FKI Babcock.
GWB was de-listed from the Stock Exchange in 2000, when shareholders were given the option to sell their shares back to the company for 100p per share.
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