ALBS specialises in the manufacture and distribution of metal external building envelope systems, mainly supplied to the building and construction industry. Ash & Lacy Building Systems has been bought by the management team of Jonathan Evans and Ian French through a newly formed company, GG 149.
Jonathan Evans is a chartered engineer and joins the company as chief executive. Ian French, a former director of Hill & Smith, will be commercial director. Ray Harriman, who continues as managing director, said: “This change in ownership presents a tremendous opportunity for us. It will enable us to continue to build on our hard-earned reputation and move forward with even more determination to increase our presence in a variety of new and exciting markets.”
The consideration of approximately £5.1m, which includes the repayment of net debt of £2.8m, is payable in cash upon completion and is subject to adjustment following finalisation of completion accounts.
Hill & Smith chief executive Derek Muir said: “The Disposal completes our strategic repositioning of Hill & Smith away from building and construction activities and enables the Group to focus upon the core higher added value businesses involved in infrastructure products and galvanizing services”.