Premier Forest Group to sell Irish subsidiary21 June 2021
Newport-based Premier Forest Group has announced the sale of its Irish subsidiary, Premier Forest ROI Ltd; the eight-site subsidiary comprising Brooks Timber and Building Supplies and Dublin Plywood and Veneer (DPV).
The sale, for a significant but undisclosed sum, to Northern Ireland headquartered Murdock Builders Merchants, is subject to the approval of the Competition and Consumer Protection Commission (CCPC) and covers the trading assets, goodwill and freehold properties.
Subject to final approval from the CCPC, completion of the deal is likely to occur at the end of July 2021. Premier Forest Group acquired Brooks in 2012 and DPV in 2013, helping to rebuild both iconic Irish timber companies following the difficult post-credit crunch period in Ireland, leading to nine years of back-to-back growth in profit and turnover.
“Over the past 12 months we have had various approaches about the possibility of selling our Irish subsidiaries and after careful consideration we felt that the time was right to hand the reins to an Irish company to steer them through their next phase of growth,” said Terry Edgell, CEO and co-founder of Premier Forest Group.
“This is a positive step for the Premier Forest Group, one which allows us to consolidate our position by giving us significant resource to reinvest in our staff and our business and drive growth in the UK through investment and further acquisitions. Murdocks said it had always held Brooks Group in high regard.
“Today’s announcement marks an important strategic move in significantly broadening our footprint in the Republic, through the Brooks business. We believe that this provides us with a great platform for further expansion in Ireland,” said Ciaran Murdock of Murdocks.
The acquisition would return Brooks to Irish ownership for the first time since 1982.