ATB Laurence Scott buys Norwich factory

The future of one of Norwich’s iconic manufacturing businesses has been secured in the City as a result of ATB Laurence Scott, a subsidiary of ATB Austria Antriebstechnik AG,  purchasing the freehold of its existing premises, Gothic Works at Hardy Road in a multi-million pound property deal.  The company has occupied the 10 acre site close to the city centre for over 100 years  but has only had a short-term lease in recent years after it was sold separately by the previous owner of the business, FKI. The purchase removes doubt over the future of the business in Norwich and secures the jobs of its 185 staff.  As a result of its precarious position with a short-term lease of the site, ATB Laurence Scott has been considering relocation, including outside Norfolk, in view of the shortage of immediately available large properties and sites in the area.  Its Austrian-based parent company had looked at moving the business to one of its other factories in Europe but realised that the success of Laurence Scott was based on its skilled workforce in Norwich. Gothic Works is one of Norwich’s largest industrial complexes, extending to approximately 350,000 sq ft on a 10 acre site beside the River Wensum and adjacent to development land owned by Norwich City Football Club.  A planning application to redevelop the site was made by ATB Laurence Scott’s landlords last year but withdrawn before it was determined.  Ian Atkins, Managing Director of ATB Laurence Scott, is delighted that the company’s future has finally been settled.  He commented, “The successful conclusion of the purchase of Gothic Works is another milestone in the renaissance of the Laurence Scott business.  After being very vulnerable with only short-term tenure of our historic site, the business now controls its own destiny again.  We were keen to keep the business in Norwich, principally because of our dedicated and skilled workforce.  Despite strong export sales from the energy sector throughout the world and having a full order book for the next 12 months, raising capital is not easy at present and we were faced with some difficult negotiations to buy the property back.  However, Barclays Bank were supportive, reflecting the strength of the business and the long-term potential of this site.” Norwich City Council and the local MP, Charles Clark have given support to ATB Laurence Scott during recent years when its future has been uncertain.  “This is a real Norwich success story, with a growing business producing a world class product using skilled local labour,” commented Steve Morphew, Leader of Norwich City Council.  “The Council is looking forward to supporting ATB Laurence Scott in its future business plans,” he added. Roche Chartered Surveyors acted for ATB Laurence Scott in the deal.  James Allen of Roche commented, “The purchase represents, without doubt, the largest industrial transaction in Norwich for a while.  It has enormous impact in providing certainty for the business, its staff and customers.  It gives the company the chance to modernise the premises in the short-term and look at redevelopment options in the future,  having made the purchase at an opportune time in the property cycle.” 

For further information please contact James Allen at Roche Chartered Surveyors.