Source - LSE Regulatory
RNS Number : 0146Q
Latham(James) PLC
25 October 2021
 

James Latham plc

("James Latham" or "the Company")

Acquisition

 

James Latham is pleased to announce that it has acquired the entire issued share capital of Sarcon (No 155) Limited and subsidiary companies ("IJK"). The trading subsidiary, IJK Timber Group Ltd, trades as IJK Timber and Northern Hardwood, and operates from two sites in Northern Ireland, offering a comprehensive range of panel products, softwoods and hardwoods.

 

The Company has acquired IJK for £4 million, plus or minus a net asset adjustment based on estimated net assets of £3.5m. The consideration will be satisfied in cash from the Company's existing resources. For the year ended 30 September 2020, the turnover of IJK was £8.8 million and EBITDA was £507k. Founded in 1799 as Irvin Sellers, IJK has for many years successfully provided the Irish market with quality panel products and timber.

 

Commenting on the acquisition, Nick Latham, Chairman of James Latham, said: "We are delighted to have acquired IJK which will allow us to increase our panel product and timber offering in Northern Ireland. We see a great opportunity to further grow and develop our products in Northern Ireland, which will complement our Abbey Woods business in the Republic of Ireland and the business we do into Ireland from Leeds. We have known the IJK directors, Graham Knox and Peter Elwood, for many years, and are excited to be working with them and the whole IJK team and welcome them to the Latham family."

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

 

 

For further information please visit www.lathamtimber.co.uk, or contact:

 

James Latham plc

Tel: 01442 849 100

Nick Latham, Chairman


David Dunmow, Finance Director




SP Angel Corporate Finance LLP


Matthew Johnson / Charlie Bouverat (Corporate Finance)

Tel: 0203 470 0470

Rob Rees (Corporate Broking)


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQPPGPPUUPGGQP
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.