Henry Maples from our Corporate team advised Cornish Fixings on their acquisition by the Independent Builders Merchant Group. He was supported by Rachel Tremaine and Megan Bingley as well as David Williams advising on the commercial property aspects, Rebecca Anforth on the commercial and IP aspects and Chris Filor on the employment matters. The press release below gives further details:
A Redruth-headquartered builders’ merchant has been acquired by Polegate-based Independent Builders Merchant Group (IBMG).
Cornish Fixings is a single branch operation, supplying a broad range of materials to trade and retail customers across Cornwall.
The acquisition continues IBMG’s strategy of developing its divisions through a combination of acquisitions, new site developments and organic growth.
Strategically, the move strengthens its South West division, extending portfolio company RGB’s presence in Cornwall, and provides a strong platform for further growth across the Redruth area.
Cornish Fixings will join RGB while Jon Sawyer, Cornish Fixings’ owner, will continue with the business working with Andy Gamble, RGB’s managing director, to grow its presence.
Gamble said: “We have much in common, so this is a strong and logical partnership. We are pleased to be able to strengthen the provision of our services in the Redruth area, for the benefit of our customers.”
Jon Sawyer, Cornish Fixings’ founder, added: “We are excited to be joining RGB and look forward to working closely with Andy and the RGB team.
“I am confident that this partnership will provide an excellent home for both our customers and our people, who will thrive within a highly respected, independent builders merchant focused on excellent customer service.”
Commenting on the legal advice from Murrell Associates on the transaction, Jonathan Sawyer said
“It was great to work with the team at Murrell Associates who quickly understood our business and were able to advise on all aspects of the deal with great commercial and practical insight”
Jonathan Sawyer
IBMG was advised by Grant Thornton (financial and tax), Gowling (legal) and Simon Funnell (property). Cornish Fixings was advised by Lang Bennetts (corporate finance) and Murrell Associates (legal).
