Brickmaker expands operations in South-east with aquisition of Sussex-based independent manufacturer
Specialist brickmaker Michelmersh Brick Holdings has announced that it is to acquire Freshfield Lane Brickworks, an independent brick manufacturer based in Sussex in a deal worth £10m
Freshfield Lane Brickworks is one of the sole remaining independent manufacturers of clamp-fired bricks in southern England and its acquisition will help Michelmersh expand its operations.
Eric Gadsden, chairman of Michelmersh, said: "This enables us to expand our operations and significantly broaden our customer base. We believe it is a very compelling move forward for the business and one from which we can create real shareholder value and establish a strong platform for the future of Michelmersh".
The £10m deal includes a cash consideration of £5m plus £3m through the issue of around 8 million consideration shares plus £2m in loan notes maturing in 2012.