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 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. The referral process is anticipated to take up to 30 working days and, 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.
Terry Edgell, CEO and co-founder of Premier Forest Group said: “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.
“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.”
Premier Forest Group continues to trade from its eight strategic sites in England and Wales as a vertically integrated timber operation engaged in the importation, sawmilling, processing, merchanting, and wholesale distribution of timber and timber products.
