Scottish angel group exits one of its longest-standing investments
Selkirk-based Oregon Timber Frame Limited has completed a buy-out of its non-management shareholders, including the 15 per cent stake held by its largest external shareholder group, Archangel Investors.
The move brings to a close a near 20-year relationship between Oregon – one of the UK’s largest independent timber frame house manufacturers – and Archangels , the Edinburgh-based business angel investment syndicate.
Established in 1998, Oregon specialises in the design, manufacture and erection of structural timber frame packages to volume house builders and developers. The business is said to be trading strongly, reporting record turnover of £21.7m and pre-tax profit of £1.9m in its most recent accounts for 2016.
From its headquarters in Selkirk in the Borders, with an additional manufacturing plant in Burton-upon-Trent in Staffordshire, Oregon employs 148 people and continues to benefit from strong demand from the UK house building sector for timber framed structures, due to timber's value as a sustainable, renewable building material.
“Archangels has been a part of Oregon since the early days of the company and we’re truly grateful for the support that they have provided to us," Oregon chairman Rod Lawson said.
“Archangels haven’t just been investors, they’ve been friends and mentors too. But the time is right for us to repay that investment and to continue the Oregon growth story with a fantastic team of people and excellent prospects as one of the UK’s largest independent timber frame manufacturers.”
David Ovens, chief operating officer at Archangels, said: “Oregon has been part of the Archangels portfolio for almost 20 years and we are thrilled to see the business performing so well and making such a strong contribution to the local economy in the Borders.
"Archangels is proud of the contribution we have made to Oregon’s successful journey and we look forward to seeing Oregon continue to thrive under Rod Lawson and the rest of the management team."
Archangels is a business angel syndicate which has been at the forefront of early stage investing in Scotland for more than a quarter of a century. Its members invest in, and mentor, promising start-up and early stage companies from Scotland’s technology and life sciences sectors.
Originally formed in 1992 and based in Edinburgh, the syndicate now comprises more than 80 investor members and leads investment of around £10m per year in early-stage Scottish companies, including leverage from partners, the largest being the Scottish Investment Bank.
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