The Company has acquired Abbey Woods for an initial payment of EUR1.825 million with a further payment of EUR300k to EUR400k due for the net assets subject to completion accounts. In addition, an earn out of up to EUR400k is payable to the vendors over the next two years subject to turnover targets being met. The consideration will be satisfied in cash from the Company's existing resources.
For the year ended 28 February 2018, the turnover of Abbey Woods was EUR7.5 million and EBITDA was EUR379k. Founded in 1983, Abbey Woods specialises in the supply of Accoya, hardwood and softwood timber, hardwood decking, composite decking, cladding, worktops and wood components for use in a variety of market segments, from building and construction to kitchen, furniture and joinery manufacturer. Abbey Woods operates from sites in Dublin and Cork.
Commenting on the acquisition, Nick Latham, Chairman of James Latham, said “We are delighted to have acquired Abbey Woods which is our first acquisition outside of the UK. There are strong synergies between the two companies and it complements our existing business in Ireland that is currently serviced from our Leeds depot. I look forward to working with the Abbey Woods team.”