Brickmanufacturer expands operations with aquisition of Sussex-based firm
Michelmersh, the UK's fourth largest brick manufacturer, has completed its acquisition of Sussex-based Freshfield Lane Brickworks (FLB).
FLB is a leading independent manufacturer and supplier of high-quality clamp-fired stock bricks and pavers. It has over 100 years experience and supplies more than 32 million bricks a year to the construction industry across the UK, Europe and Japan.
As part of the deal, announced at the beginning of March this year, 7.69 million new ordinary shares were issued which have now been admitted to trading.
Alan Hardy and Frank Hanna of FLB have now joined the board of Michelmersh. Hardy will initially assume the role of director, responsible for integration of the group's activities, while Hanna has been appointed group commercial director and will take charge of all sales and marketing of the group's range of clay products.
Eric Gadsden, chairman of Michelmersh, said: "The acquisition of FLB enables us to expand our operations and significantly broaden our customer base.
"We view it as 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 company's future."