Breedon expands Scotland reach
Leicestershire-based building material group Breedon Aggregates is expanding into south-west Scotland with planned £21m acquisition of Barr Quarries.
It has agreed terms with Barr for £20.8m in cash with completion expected by the end of October subject to TUPE consultations and final due diligence.
Barr Quarries employs approximately 130 staff and is headquartered near Cumnock, 35 miles south of Glasgow. It operates 11 quarries, five asphalt plants and six ready-mixed concrete plants extending from Dalry in the north to Stranraer in the south and east to Moffat.
In the year to 31 December 2013, Barr generated sales of £25.5m with an underlying EBITDA of £2.7m.
The acquisition will give Breedon a fifth self-contained region in Scotland.
Chairman Peter Tom said: "Scotland has played a vital part in Breedon's success and we have made significant investments there over the past four years. With the uncertainties surrounding the independence issue now behind us, we believe our prospects north of the border have never been brighter and we can look ahead with renewed confidence.
"Our acquisition of Barr Quarries is a clear demonstration of our long-term commitment to this important market."