UK News | 7
Premier Forest Group to sell Irish business to Murdock Builders Merchants
Newport-based Premier Forest Group has announced the sale of its Irish subsidiary, Premier Forest ROI Ltd; the eight-site subsidiary comprising Brooks Timber and Building Supplies and Dublin Plywood and Veneer (DPV).
The sale, for a significant but undisclosed sum, to Northern Ireland headquartered Murdock Builders Merchants, is subject to the approval of the Competition and Consumer Protection Commission
(CCPC) and covers the trading assets, goodwill and freehold properties.
Subject to final approval from the CCPC, completion of the deal is likely to occur at the end of July 2021. Premier Forest Group acquired Brooks in 2012 and DPV in 2013, helping to rebuild both iconic Irish timber companies following the difficult post-credit crunch period in Ireland, leading to nine years of back-to-back
James Latham boosts sales and profits for full year
One of the UK’s largest timber product distributors James Latham has posted increased sales, profits and volumes for the full year ended March 31, 2021.
Despite the pandemic
disruption to business, Lathams recorded annual revenue of £250.2m, up 1.3% on the previous year, while pre-tax profits rose to £18.6m, up £2.9m on the previous year. Like-for-like volumes increased by 6.6% and the cost price of the company’s products rose significantly in the second half of the year and are on average 7.3% higher than at the start of the financial year.
Inventory levels have increased to £48.3m from £44.3m last year.
This is partly to do with increased inventory in the new timber pack business, LDT Ireland, based in Dublin, but mainly due to increases in prices for its products. “The strong demand seen towards the end of this financial year, has continued into the new financial year, with margins also improving,” said Nick Latham, James Latham’s chairman. Mr Latham warned that manufacturers currently have an allocation system, limiting opportunities to grow volumes further.
Fourth reactor installed at Accoya modified wood plant
The next step in Accoya modified wood’s expansion policy hit a landmark recently when a fourth wood acetylation reactor was successfully installed at Accsys Technologies’ production facility in Arnhem, the Netherlands. Accoya modified wood is used as a high performance,
durable and stable wood for the production of windows, doors, cladding and decking. The new fourth modification reactor in Arnhem will increase annual production capacity of Accoya wood by one third: from 60,000m3
to 80,000m3 per
year, and is expected to begin production by the end of Q1, 2022.
growth in profit and turnover. “Over the past 12 months we have had various approaches about the possibility of selling our Irish subsidiaries and after careful consideration we felt that the time was right to hand the reins to an Irish company to steer them through their next phase of growth,” said Terry Edgell, CEO and co-founder of Premier Forest Group.
“This is a positive step for the Premier Forest Group, one
which allows us to consolidate our position by giving us significant resource to reinvest in our staff and our business and drive growth in the UK through investment and further acquisitions.
Murdocks said it had always held Brooks Group in high regard and the acquisition was a strategic move to broaden its footprint in Ireland.
The acquisition would return Brooks to Irish ownership for the first time since 1982.
□ This year’s inaugural dinner of Timber Development UK (TDUK), formerly the Timber Trade Federation, will be held on November 24 in London. The event will be at Leonardo Royal London Hotel at St Paul’s, with entertainer Laura London providing magic and sleight of hand entertainment. Dress code will be lounge suits for the first time.
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www.ttjonline.com | July/August 2021 | TTJ
UK News
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