Buy Out of Polaroid UK Design Development and Manufacturing Business By Wideblue Reatins Key Skills in Scotland

The expertise of the integrated design development and manufacturing business of Polaroid UK, based at Vale of Leven, has been secured through a buy-out from parent company Polaroid, now part of the Petters Group Worldwide, by a newly formed company Wideblue.

Wideblue was established in 2003 as a separate business unit within Polaroid (UK) Ltd. Wideblue provides a unique integrated design development and manufacturing centre of excellence. The company specialises in technology-based products and has a particular expertise in both general and bio photonics. In these areas, Wideblue can draw on a broad range of technical skills ranging from physics/optical, electronic, software and mechanical engineering to manufacturing and supply chain management. The Wideblue team can take an initial idea from concept, design and development through to actual manufacturing, either in house or outsourced, all under the concept of "making technology happen".

The Wideblue team has gradually extended its focus, initially purely as an internal function for Polaroid, to now providing a range of services both for Polaroid and for an increasing number of external customers including several exciting and rapidly-growing opto-electronics and life sciences companies both in Scotland and overseas.

Faced with a reduced work flow from Polaroid, which manufactures instant cameras and film, Wideblue has now secured a buy-out from its parent company, focusing on the demonstrated growth opportunities outwith Polaroid and securing its future, thereby retaining a wide range of highly skilled designers, engineers and scientists in Scotland.

Jim Hall, Managing Director at the Vale of Leven site and now Chief Executive Officer of Wideblue commented; "We have come a long way since we started negotiations with Polaroid, and subsequently Petters Group, to reach this point.  Wideblue offers a range of skills from design through to actual manufacturing that we believe are unmatched anywhere else in the UK and we are delighted that we are able to retain this expertise in Scotland."

He continued; "Our customer base includes many start-up businesses and we are further delighted that the skills and experience we can offer will hopefully help young companies in Scotland and elsewhere to achieve their full potential.  In an era where there are seen to be few opportunities in Scotland for those with technical manufacturing skills, Wideblue is bucking the trend and building on its proven design and development abilities to secure its future.  The way forward looks very exciting and we are confident that there will be opportunities to further grow the business over the coming period."

Harper Macleod LLP, in conjunction with its associated Corporate Finance business HM Corporate Solutions, has demonstrated its position as one of Scotland's leading corporate law firms after playing a key role in supporting the buy out. In doing so, it offered a unique combination of legal skills, involving teams from the corporate, property and employment groups of Harper Macleod, together with financial and lead advisory services from its innovative Corporate Finance business, HM Corporate Solutions. Harper Macleod is believed to be the only legal firm in Scotland to offer a Corporate Finance advisory service alongside traditional legal services and the WideBlue buy-out demonstrates the advantages of this unique integrated approach.  The firm recently took the title of Corporate Team of the Year at The Scottish Legal Awards 2006 as well as the coveted award for Firm of the Year.

Ramsay Duff, Director of HM Corporate Solutions said; "It has been a real privilege for my colleagues at Harper Macleod and I to have played our part in securing this very exciting opportunity for Jim and his team at Wideblue. Our innovative offering of in-house Corporate Finance services alongside high level legal expertise allows Harper Macleod and HM Corporate Solutions to offer clients a seamless, integrated package. We firmly believe this is highly beneficial during the complex process of a transaction such as this, which can take some time to conclude and presents enormous highs and lows along the way."

Wideblue will continue to work closely with Polaroid on a range of projects and is benefiting from a significant investment by Polaroid, which is now part of the Petters Group Worldwide.  The CEO of SpringWorks, the private equity arm of Petters Group Worldwide, will join the Wideblue Board and is expected to be a source of future opportunities for the company as well as a potential source of funding for growth companies, particularly Scottish ones, with which Wideblue is involved.