Long relationship ends
Oregon Timber buyout ends 20 year Archangels link
Rod Lawson: Grateful for Archangels support
Oregon Timber Frame has bought out its non-management shareholders, including the 15% stake held by its largest external investor, the Archangels syndicate.
The move brings to a close a near 20 year relationship between Selkirk-based Oregon – one of the UK’s largest independent timber frame house manufacturers – and the Edinburgh based angel group.
Oregon, which was established in 1998, is trading strongly and in its most recent accounts, for 2016, reported record turnover of £21.7m and pre-tax profit of £1.9m.
It employs 148 staff in the Scottish Borders and at a manufacturing plant in Burton upon Trent.
Rod Lawson, chairman, said: “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.
“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.”
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.”