REG - Latham(James) PLC - Acquisition
RNS Number : 4332ULatham(James) PLC25 November 2019
James Latham plc
("James Latham" or "the Company")
James Latham is pleased to announce that it has acquired the entire issued share capital of Dresser Mouldings (Rochdale) Limited ("Dresser"), a specialised processor of timber and cladding products.
The Company has acquired Dresser for £1 million. The consideration will be satisfied in cash from the Company's existing resources. For the year ended 31 December 2018, the turnover of Dresser was £2.3 million and EBITDA was £276k.
Founded in 2009, Dresser specialises in the processing and vacuum coating of bespoke timber products, the production of timber mouldings and other specialist timber machining for use in a variety of market segments. Dresser operates from its site in Rochdale and via an online store.
Commenting on the acquisition, Nick Latham, Chairman of James Latham, said "We are delighted to have acquired Dresser which will allow us to increase our offering in processed timber. We have worked together with Dresser for many years on some fantastic projects producing innovative solutions for architects. We have first-hand experience of the quality of their work and the in-depth knowledge of the staff at Dressers which is necessary for delivering these complicated projects. We see a great opportunity to further grow and develop our products in this area. We look forward to working with the Dresser team and welcome them to the Latham family."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information please visit www.lathams.co.uk or contact:
James Latham plc
Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance LLP
Matthew Johnson / Charlie Bouverat (Corporate Finance)
Tel: 0203 470 0470
Abigail Wayne (Corporate Broking)
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