2003
Grafton Group plc Announces Two Further Acquisitions
Released: 06/10/2003 Grafton Group plc is pleased to announce the acquisition of The Telford Group Limited in Ireland and Plumbline Supplies Limited in Scotland. Plumbline is Scotland’s leading independent plumbers merchant with 17 branches. The company reported sales of €40 million for the year ended July 31st, 2003. Grafton's plumbing network in the UK trades under the Plumbase brand and this acquisition brings the network into Scotland for the first time. Plumbase will now have a total of 135 branches in the UK. Telfords has three branches and is based in Portlaoise. The company holds a leading position in the midlands builders merchanting market and the acquisition enhances Grafton’s coverage in that area. Telford’s sales for the year ended January 31st, 2003 were €27m. The cash consideration for both companies totals €40m. Commenting on the announcement today, Michael Chadwick, Chairman of Grafton said: “The Plumbline acquisition gives the Group an initial but important presence in the Scottish plumbers merchanting market. We already have strong market positions in the south and in the midlands of England. The Telford acquisition is significant in strengthening our presence in the midlands. We will now have branches in Portlaoise, Athy and Mountrath. We are committed to the continued growth of our branch network in Ireland as well as overseas.” Ends Enquiries: Michael Chadwick Colm ó Nualláin Charles Rinn Joe Murray Ginny Pulbrook |
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