Breedon Aggregates raises £15m for acquisitions

Aaron Morby 11 years ago
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Breedon Aggregates is raising £15m to continue its buying spree after a string of deals last year.

The UK’s largest independent aggregate group has won support from investors who will buy £15m of new shares to create a take-over war chest.

The fund-raising, which offers new shares at a 12% discount, is expected to be ratified at its AGM later this month.

Breedon spent £10.8m last July buying Lincolnshire based C& G Concrete out of administration and acquired Nottingham Readymix for £900,000 at the start of this year.

It hopes to pick up further businesses and is eying any fall-out from the proposed mega-merger of Anglo-American and Lafarge’s UK operations.

The Competition Commission has already provisionally outlined that Larfarge and Anglo will need to dispose of a significant tranche of assets to gain clearance for the merger.

Executive chairman Peter Tom said: “We believe there is significant scope to further expand the Group and we remain committed to securing additional bolt-on acquisitions of earnings-enhancing aggregates related businesses.”

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