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Schmidlin saved by German group

Schmidlin, one of Europe's most prestigious cladding companies, has been rescued by a subsidiary of the German Lindner AG group.

Accountant UHY Hacker Young said the sale safeguarded 250 jobs and 'potentially' secured the completion of current contracts with UK and international clients, including Richard Rogers' Heathrow Terminal Five.

Other schemes in the UK are understood to be for Stanhope, Bovis Lend Lease, London Bridge Developments and Multiplex.

The company is best known for cladding Norman Foster's iconic Swiss Re building. It also supplied kit for Foster's City Hall.

Schmidlin called in the receivers in February this year after company bosses admitted a 13 million Swiss franc (£6 million) hole in its books. The company's woes were partly blamed on increasing competition in the European facade market.

The firm insisted parent company Schmidlin Group was unaffected.

Commenting on the sale, Peter Kubik, of UHY Hacker Young, said: 'This is an attractive business and we were in no doubt that we would secure a buyer.'

by Clive Walker

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