Construction News

Mon October 18 2021

Related Information

Marley expects float to raise £75m

23 Sep Marley, the roof tile manufacturer, has confirmed plans to list on the London Stock Exchange.

Viridian solar panels, a new business for Marley
Viridian solar panels, a new business for Marley

A week after announcing that it was testing market appetite for a flotation, Marley’s private equity owners have now confirmed that they are going ahead with the plan – subject to the requisite regulatory approvals being obtained.

Marley expects to be admitted to the London Stock Exchange and begin trading next month.

The offer will comprise new shares to be issued by the company and existing shares expected to be sold by certain existing shareholders. While the share price has yet to be determined, the directors are expecting to raise gross proceeds of approximately £75m.

The money raised will be used to pay off debt and support Marley’s growth plans. A particular target market is roof integrated solar panels following its acquisition in April 2021 of Viridian Solar.

Marley is currently owned by Inflexion Private Equity, which acquired it from Belgian materials group Etex in 2019.

Marley is the largest manufacturer of roofing tiles in Great Britain, with an estimated market share of 21 %. In the 72 weeks to 31st December 2019, it turned over £144m and made a pre-tax profit of £21.3m.

Related Information

Chairman Paul Lester, a former Balfour Beatty managing director, said: “Marley is a premium building materials brand and a sector leader in roofing thanks to its reputation for quality and service amongst its customer base and a near 100-year heritage. The group's differentiated proposition is underpinned by significant market demand thanks to the UK's rapidly ageing housing stock. The structural undersupply of new homes, which is high on the political agenda and supported by multiple government policies, is also a key demand driver and one that plays extremely well to Marley's long track record of innovation and sustainability.

"Led by a highly experienced management team, the group has delivered a resilient financial performance throughout the economic cycle, resulting in industry leading margins and high cash generation. This, coupled with a clear strategy for growth through further innovation, acquisitions and brand extension, means that the group is well placed to build on its strong momentum to date."

Chief executive David Speakman, an accountant who has been with the company since 2004, added: "Our business combines the most comprehensive pitched roofing system available and well-invested, freehold production sites across the country which can provide significant additional capacity as needed. This, combined with a number of positive market dynamics, gives us the confidence to pursue our growth agenda and we see multiple opportunities for both organic and inorganic expansion.

"Marley is further differentiated by our long and successful track record in sustainability and a clear roadmap to expand our ESG credentials. These credentials are strengthened by plans to expand our solar offering to deliver a range of smart energy solutions to homebuilders, social housing providers and homeowners. This means Marley is well positioned to play an increasingly important role in helping deliver homes that meet the UK's green agenda."

He said: "We are delighted by the significant interest shown by potential investors in Marley, which provides us with the confidence to progress with our proposed IPO. Marley provides the most comprehensive pitched roofing system in the UK with an industry leading reputation. Our business benefits from key market drivers, namely a resilient and growing RMI market, a strong focus on significantly increasing the supply of new homes in the UK and an ageing housing stock, much of which now requires re-roofing.

“These positive dynamics are combined with the growth opportunity we see for our expanding solar business, which is very well placed to capitalise on the ever increasing focus on building greener homes.”

Got a story? Email


Click here to view more construction news »