Intrinsic Equity, the investment vehicle of Birmingham based Orbis Partners, bought the two business assets, safeguarding 137 jobs across eight sites.

Laidlaw Interiors fell into administration before Christmas sending shockwaves through the architectural ironmongery industry.

Richard Hawes and Clare Boardman were appointed Joint Administrators on 18 December 2015 and have now completed the sale of six of the group’s seven divisions, securing employment for 527 people from almost 1,000 staff.

Administrators sold the group’s four other operations – Longden, Fitzpatrick, Komfort and Cubicle Systems – days after the collapse to specialist investor Valtegra, saving 390 roles.

But administrators from Deloitte failed to find a buyer for the main business Leaderflush Shapland and the workforce was told the factory will not be re-opening after the festive break.

Leaderflush Shapland employed 426 people with 394 now notified of redundancy and 32 retained by Deloitte to assist with the wind down of the company.

Commenting on the latest deal, administrator Richard Hawes, said: “We are pleased to conclude the sale of the Laidlaw Ironmongery and Balustrading businesses to Intrinsic which will secure continued employment for the 137 staff. We wish the new owners and employees the best for the future.

“We are also pleased to have secured employment for more than half of all employees within the Group. We would like to thank all staff for their support during this challenging period.”