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Mon December 06 2021

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Brickability buys into solar panel market

24 Nov Brickability Group, a construction materials distributor listed on the Alternative Investment Market, has acquired a renewable energy specialist.

Brickability has paid £5.5m for HBS NE Ltd, including the trading names HBS New Energies and Upowa, a pay-as-you-go domestic solar power system.

HBS NE is Brickability’s 13th acquisition in the last three years but its first in the renewable energy products sector. Brickability said it was looking to broaden its offering.

Founded in 2008, HBS NE specialises in the design, supply, installation and maintenance of solar PV, battery storage and electric vehicle charging technologies. Through its product brand Upowa, it works with 16 of the top 25 UK developers including Barratt Developments, Vistry and Taylor Wimpey.

For the year to 31st March 2021, HBS NE turned over £8.5m and generated EBITDA of £1.1m.

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Brickability chairman John Richards said: “We strive to respond to the growing demands and requirements of our customers, by expanding our offering both organically and, through the acquisition of complementary businesses with a shared ethos.

“The renewable energy product sector is an area we have been looking to move into for some time as we focus not only on helping our customers address carbon reduction, but also on our own commitments and responsibility to implement sustainable solutions.”

James Bull, founder and managing director HBS NE, said: “I am extremely proud of what we have achieved and the success of HBS NE since it was founded 13 years ago. Whilst we have continued to grow organically, we firmly believe that this transaction marks a significant and exciting new chapter for the business.

“Brickability’s significant network of long-standing relationships and distribution channels offers HBS NE the opportunity and capacity to scale and develop our national service and product offering more rapidly, further supporting the growing needs of our customers, as requirements within the housebuilding and construction sector continue to evolve.”

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