The £5m deal for the niche contractor was signed late Tuesday night after more than a year of negotiations between Laing and the buyout team, led by Holloway White Allom managing director Bob Cole. The deal was backed by GLE Development Capital and Lloyds TSB.
Cole said: "It's a relief to have it finalised. We built our reputation under Laing ownership, now we move onto the next stage of our development."
The deal has dragged on because Laing management had been concentrating on selling the group’s property and housing businesses. Holloway White Allom had been part of Laing’s property arm but was not included in the sale
Now we move on to the next stage of our development
Bob Cole, Holloway White Allom
of the rest of the division to a Kier–Bank of Scotland joint venture for £40m in April.
Negotiations between Cole and Laing management sped up after the group sold Laing Homes to Wimpey last month for £297m.
The management team is believed to have beaten off a bid from fellow niche contractor Killby & Gayford, which is based in London and has a turnover of about £60m.