UK News | 7
IBMG acquires Roofing Gear and MSR
Established 19 years ago, Roofing Gear has three strategically located branches in Yeovil, Dorchester and Poole providing a comprehensive range of roofing products, insulation and associated materials. This latest acquisition provides IBMG’s roofing division with further geographic coverage, increased product extension and a strong platform for further growth. Culturally both companies share a common vision, an independent ethos and a commitment to providing exceptional customer service.
Above: Danny Spokes (left), MD of IBMG’s roofing division, with Jeremy Gear
Independent Builders Merchant Group (IBMG), the largest independent merchant group in the south of England, has acquired Roofing Gear, expanding its specialist roofing division by a further three branches and adding another £6m turnover to the Group.
The roofing merchant will continue to trade as Roofing Gear. Jeremy Gear will remain in the business and work with Danny Spokes, managing director for IBMG’s roofing division, to ensure the business’ successful integration into the Group.
“This is a great next step for us,” said Mr
Gear. “IBMG is the perfect custodian for Roofing Gear and this acquisition opens up
Lathams reports annual pre-tax profits of £44.5m
James Latham has reported another year of solid financial results, with pre-tax profits of £44.5m from revenue of £408.4m for the financial year ended March 31, 2023. The pre-tax profits were down from £57.9m the previous year, while revenue was up 6% to break the £400m barrier. Lathams chairman Nick Latham said the year had seen a gradual return to more normal market conditions, with supply chains becoming easier and cost prices of products stabilising. Despite economic challenges, including inflation and energy costs impacting consumer confidence, he said markets had remained resilient. The cost price of the company’s products was on average 6.5% higher (2022: 36.2% higher) than at the start of the financial year.
As at March 31, 2023, the company’s net assets increased to £195.9m (2022: £164m), while inventory levels have reduced to £67.5m from £74.2m last year as the easing of supply chain conditions meant the business could reduce the investment it made last year in additional inventories. Mr Latham said margins had returned to the longer term average and reported price weakness in several product areas, as supply issues have eased. Manufacturer suppliers are still experiencing significant cost pressures, which should temper any price weakness.
He reported a shift in product mix to some lower value products, in part due to product replacement and value engineering by customers.
Mr Latham said fundamentals within the majority of the company’s market sectors were “stable at this stage”, despite challenges in the economy.
“The board is therefore very aware that the results for the last two years have been exceptional, and far beyond the profits earned before the start of the Covid-19 pandemic,” he said.
“The board’s challenge is to navigate the business towards what is a more normal and realistic profit achievement, which takes into account the market conditions we are operating in and the inflationary overhead pressures that all companies are facing.”
The company’s development strategy has seen it invest in some melamine racking at IJK Timber, its recent acquisition in Belfast, with a longer term objective to relocate this business to a more modern facility. The Yate site has seen a 25% increase in capacity and the Purfleet site is now operating a 24/5 warehouse which will enable increased volumes. During the year the company will upgrade its ERP computer system and it is planning to purchase its site at Abbey Woods in Dublin in the autumn of 2023.
an exciting new chapter for us all.” Meanwhile, IBMG has also acquired Sussex’s MS Roofing Supplies (MSR). Established in 2003, MSR is a local independent roofing merchant in the south-east and provides a comprehensive range of products for both pitched and flat roofs from its five locations in Brighton, Chichester, Crawley, Portslade and Worthing.
MSR’s highly complementary branch network and product range provide IBMG’s roofing division with further geographic expansion, product extension and a strong platform for further growth. As with Roofing Gear, culturally, both companies share a common vision, independent ethos and commitment to providing the highest standards of customer service. Tony Siriano, managing director of MS Roofing Supplies will be stepping away from the business to enjoy a well-deserved break.
BWF research shows homeowners positive over timber
New research from the British Woodworking Federation (BWF) reveals signs that timber windows and doors are viewed positively by homeowners, but that misunderstandings over their performance persist.
The survey of 1,500 homeowners unearthed the main factors guiding product choice. It found that, aside from cost, for both windows and doors energy efficiency was the main priority for homeowners when selecting products (50% for windows and 39% for doors).
When it came to windows, cost and energy efficiency weren’t the only significant factors for homeowners. Aesthetic appeal was most important to almost a third (32%), while the source and sustainability of timber was an important consideration for almost half (48%) of all homeowners, and almost three-quarters (73%) of period property owners. For doors, aesthetic appeal was also a prominent factor, a top priority for 32%, with product lifespan (31%) and security features (24%) also important. Encouragingly, 59% of homeowners felt that timber windows offered a wider opportunity for design and style options than alternatives, and 56% thought timber windows were more sustainable.
www.ttjonline.com | July/August 2023 | TTJ
UK News
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