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Mon June 24 2024

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Hill & Smith completes £5.1m sale of Ash & Lacy

25 Jul 11 Hill & Smith has completed the sale of its subsidiary Ash & Lacy Building Systems (ALBS) as part of its repositioning away from building and construction.

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”.

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