Breedon buys C&G Concrete from administrators

Grant Prior 11 years ago

Materials giant Breedon Aggregates has bought C&G Concrete from its administrators for £10.15m in a deal which could save 130 jobs.

C&G went into administration in May when PwC were appointed following a petition to wind the firm up.

C&G operates three sand and gravel quarries and 13 ready-mixed concrete and mortar plants in Lincolnshire, Cambridgeshire and Humberside.

Last year the firm produced 330,000 tonnes of aggregates and 155,000 cubic metres of concrete, mortar and screeds.  Sales revenue in 2010 was approximately £12m.

As part of the deal Breedon will also pick-up parts of sister company F H Gilman which is also in receivership.

Breedon executive chairman Peter Tom said: “We are delighted to have secured such a high quality business as our first bolt-on acquisition and look forward to welcoming C&G’s employees into the group.

“C&G has a strong market position and excellent asset base in Lincolnshire and South Humberside and we see significant growth potential in the business.  We also expect to be able to deliver useful synergy savings and operational improvements following the acquisition.

“We continue to review a number of other acquisition opportunities as we seek to build on the excellent platform we have created in Breedon Aggregates.”

Joint Administrator, Eddie Williams, said: “We are pleased to have secured a sale of the C&G operations to Breedon Aggregates that not only protects the employment base of the Company, but also secures value for the creditors of C&G.

“I would like to take the opportunity to thank the employees, customers and suppliers for their support over the last few months and look forward to seeing the C&G business continue to thrive as part of the Breedon Aggregates Group.”

The deal came as Breedon announced its half year results to June 31 showing turnover up 17.5% to £84.7m led by a turnaround in its English business.

The firm said: “Good progress has been made in turning around the business in England.

“The contracting business has been returned to profitability following significant losses last year; the commercial team has been reorganised, securing a number of key business relationships; and operational improvements have been delivered as part of our Breedon “GoodQuarry” initiative, which rewards excellence in critical areas of operational management.”

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