Builders merchant acquires Kettering-based timber merchant Timber Force for up to £1.5m.
Regional builders merchant Gibbs and Dandy has strengthened its presence in the South Midlands by acquiring Timber Force UK.
The Luton-based firm has bought Timber UK for £1.475m plus an additional amount for net assets not exceeding £0.25m. Timber UK, which is based in Kettering, reported a turnover for the year ended 31st August 2004 of £2.25m.
Gibbs and Dandy, which has branches in Bedfordshire, Berkshire, Cambridgeshire,
Northamptonshire and Oxfordshire, last year reported turnover of £57.7m and pre-tax profits of £5.2m for year ended 31 December 2004.
The acquisition brings its total number of branches to ten.
Timber Force UK’s freehold property has been separately acquired for just over £1m in a deal expected to complete on 15th August 2005.
