ANGLIAN GROUP has been taken over by a consortium of banks after the home-improvement company became overwhelmed by its debts.

The syndicate stepped in to take majority control of Norwich-based Anglian with a debt-for-equity rescue package that cut its debts by £90m.

The private-equity group Alchemy Partners, which took the business private in 2001 for £175m, will retain a minority stake, but is likely to be sitting on heavy losses as a result of the deal. The new owners include Bank of Scotland, Barclays, Lloyds TSB, Royal Bank of Scotland, Bank of America and Blue Bay Investments.

Anglian is best known as a double-glazing manufacturer, but also supplies doors, conservatories, roof trims and even financial services to homeowners and builders.

Last year the company struggled as the economic environment worsened, forcing it to close a manufacturing plant and two depots.

Anglian’s rescue is more bad news for Alchemy Partners, which has seen two of its other investments struggle this year.

The private-equity house was asked by banks to inject further cash into struggling Buckingham Bingo, while Floors2Go fell into administration several months ago.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax