With effect from 20 October 2009, Mila Hardware is now owned by Arran Isle Ltd, a new company which has acquired all of the operating subsidiaries of our previous parent Heywood Williams Group plc.

The change in ownership is linked to the financial restructuring which was announced on 1st October and secures over 1000 jobs worldwide, whilst also making £6m of new investment available to support future growth as the recovery gets under way.

Mila Hardware will continue to trade as normal and maintain all of its existing relationships with customers, suppliers and employees.  It has not been placed into administration or any other liquidation process.

Richard Gyde, Mila’s Managing Director, said:  “Any uncertainty which existed over the future of Mila Hardware within Heywood Williams Group has now been firmly quashed.  It is business as usual for us but with the added benefit of new financial security and support.”

Arran Isle Ltd is 80% owned by the UK banking syndicate which is backing the restructuring and which has written off substantial portions of group debt in exchange for its stake.  The remaining shares are held by the management team and an employee benefit trust.

Richard Gyde adds:  “The banks have demonstrated their faith and confidence in the strength of the business and in the prospects for recovery in this market.  We can now move forward with our planned investment programme and strengthen our position as the UK market leader.”