A Howden roof tile importer has been acquired by Brickability Group, with support of a £40m funding package from a banking syndicate led by Lloyds Bank Commercial Banking.
The Bridgend-headquartered company bought Crest Brick and Roofing Services earlier this year, after it made the strategic decision to expand its portfolio of businesses to help increase accessibility to vital products and materials.
Lloyds Bank Commercial Banking acted as the lead arranger in the deal with AIB Bank, with each funder providing £20 million of facilities. The funding was also used to purchase four other building materials firms based in the South of England.
Crest Brick and Roofing Supplies will now retain its individual branding and location but will become part of the wider Brickability Group, which includes five other building supply companies across the UK.
As a result of the acquisitions, the Group expects to increase its turnover by 50 per cent over the next 12 months.
Crest Brick and Roofing Supplies specialises in importing bricks and roof tiles. Founded 30 years ago, it now employs 120 people and trades from a site on Howdenshire Way in Goole.
Brickability Group is the market leading supplier of facing bricks, blocks, cladding systems, roof tiles and masonry to the UK construction sector.
Simon Mellor, managing director at Brickability Group, said: “There is currently a shortage of quality, affordable building materials in the UK, which means the construction sector has to import an ever-increasing number of products from overseas.
“Acquiring Crest Brick and Roof supplies will allow us to tap into their expertise and established network of suppliers and contacts, while strengthening our own relationships with key manufacturers in the Eurozone and beyond.
“Throughout the process we were impressed with the knowledge and dedication of the relationship team at Lloyds Bank.
“The team has supported us for a number of years, and, as a result, has a very good understanding of our company, sector and strategic objectives. This knowledge and understanding was key to arranging a funding package that exactly suited our needs.”
Paul Williams, relationship director at Lloyds Bank Commercial Banking. said: “Brickability Group is an ambitious company that is constantly looking for opportunities to expand and improve its product offering and service levels to its clients.
“The construction sector is an essential building block in the UK’s economy and it is vital that firms can access the tailored funding they need to grow and prosper.
“That’s why at Lloyds Bank we have a network of relationship directors that understand the challenges that mid-size firms in the sector face and are able to provide the specialist guidance that they need to thrive.”