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Ibstock acquires Longley Concrete for £14m

31 Jul 19 Ibstock has paid £14m for Longley Concrete, a family-owned business that specialises in precast concrete flooring.

Longley Concrete is now part of Ibstock
Longley Concrete is now part of Ibstock

Ibstock described Longley Concrete as a bolt-on acquisition that was ‘a highly complementary fit with our existing concrete businesses’.

All 117 employees are expected to remain with the business.

Longley Concrete was founded by Charles Longley in Yorkshire in 1947 as a local block manufacturer and today has three manufacturing plants in the UK. Until the sale to Inbsotck it remained owned by the Longley family. In the year to July 2018 Longley Concrete turned over £22.7m and made a profit of £1.1m before tax.

Ibstock Concrete comprises the Forticrete, Supreme and Anderton concrete brands, with strong positions in the fencing, roofing, flooring, lintels and rail markets. It accounts for approximately a quarter of Ibstock group revenues, with bricks contributing three-quarters.

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In the first half of 2019 Ibstock generated £203m revenue, up 6% on the same period of 2018, with £151m from bricks and and £52m from concrete products (up 6% and 5% respectively).

Pre-tax profit for the six-month period was down 17% to £14m due to the 2018 figure being inflated by a one-off property sale. Underlying profit was up 8%.

Chief executive Joe Hudson said: "Overall, market fundamentals in the UK are stable, with low interest rates, high employment levels, good mortgage availability and the government's Help to Buy scheme all remaining supportive. This should continue to underpin activity levels in the new build housing market over the medium term. In the short term, we are cognisant of the ongoing macroeconomic uncertainty in the UK, and note that there has been some slight softening in the merchant sector in recent weeks. Nonetheless, the board anticipates a further year of progress for the group and our full year expectations remain broadly unchanged."

Michael Longley, managing Ddrector at the Longley Group, said: “Since its founding in 1947, four generations of the Longley family have been responsible for stewarding the business, and we’re excited for this new chapter in its growth. We’re looking forward to staying with the business and making the most of the opportunities that being a part of Ibstock will bring. Our advisers, Mazars and Clarion, were instrumental in facilitating a smooth transaction, and we welcome this new era with enthusiasm”.

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