Crown Paints boss leaves after leading £70m buyout

Crown chief executive Howard Luft spearheaded the £70 million deal, which was agreed with Dutch owner Akzo Nobel.

Today bosses at Crown Paints confirmed his departure but refused to discuss the reasons for his exit.

At the beginning of the month Mr Luft was hailed for securing the future of 565 jobs at Crown House, Hollins Road. He was also instrumental in the sponsorship deal that sees the Crown Paints logo on Blackburn Rovers shirts.

Workers were left fearing for their futures earlier in the summer when Akzo was ordered to sell the business by the European Commission.

The demand followed Akzo Nobel's purchase of chemical giant - and producer of Dulux - ICI, which created a monopoly of the paint market.

A spokesperson for Crown Paints said: “We can confirm that Howard Luft is no longer with Crown Paints and, on behalf of the company, we would like to thank him for his efforts within the business.

“It is company policy not to comment on the employment status of any individual employee of Crown Paints, therefore there will be no further statement.”

The Telegraph was unable to contact Mr Luft for comment.

Speaking at the time of the takeover deal being completed he said: “It is good to get to the point where we can provide positive reassurance to people.

“Now we want to see Crown Paint grow and prosper.

“We are very keen to make sure we are a flagship industry in the area. Crown Paints will continue to be very much a part of Darwen.”

Following the takeover deal being officially announced on October 1, which was backed by UK investment fund Endless, Mr Luft was named as the company’s chief executive. He held the same role under the previous administration.

He was joined on the board by finance director Eric Mulholland, retail boss Joe Devitt, Endless managing director Warwick Ley, and new chairman Graham Hallworth, a former partner at venture capital outfit Alchemy.