REG - Brickability Group - Acquisition of Bathroom Barn

BrickabilityAnnouncement

01/12/2020 07:01

RNS Number : 0107H
  
Brickability Group PLC
  
01 December 2020
  
 

 
Brickability Group plc
 
("Brickability or the "Company")
 
Acquisition of Bathroom Barn
 
Brickability Group plc ("Brickability" or "the Group"), a leading construction materials distributor, announces that is has acquired Bathroom Barn Limited ("Bathroom Barn") for a total consideration of £645,000.
Bathroom Barn is a West Midlands based supplier of radiator valves, elements and traditional valves to distributors and retailers. Bathroom Barn will be integrated into the Towelrads business going forward.
In the year ended 31 March 2020 Bathroom Barn reported EBITDA of c.£215,000 on revenues of c.£1.1 million. 
The consideration is being satisfied by an initial £322,500 payment, with deferred consideration of £322,500 split in three equal tranches payable in cash over the next three years. The acquisition will be funded from the Group's existing resources and is expected to be immediately earnings accretive post completion.
 
Alan Simpson, CEO, Brickability Group plc, said:
"Bathroom Barn is a perfect partner for our highly successful Towelrads business and adds significantly to our product offering in this area."
 
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Enquiries



Brickability Group plc
John Richards, Chairman
Alan Simpson, CEO
c/o Montfort Communications


















Cenkos Securities plc (Nominated adviser and broker) 
Max Hartley / Max Gould (Nomad)
Julian Morse / Alex Pollen (Sales)


+44 (0) 20 7397 8900














Montfort Communications
James Olley
Woolf Thomson Jones


+44 (0)20 3770 7916



  
About Brickability
Brickability is a leading construction materials distributor, serving customers across the UK for over 25 years through its mainstream and local networks. The Company supplies over 300m bricks annually and already has 25 sites and sales offices, employing approximately 285 people throughout the UK. Across its three divisions, the Group supplies bricks, roofing, heating, flooring, doors and windows to meet UK housebuilder demand.

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