Livingston, 29 November 2016: Stevenswood is pleased to announce the successful acquisition of Polyframe Trade Centres Limited (PTC) from Polyframe Group Limited (Polyframe). The purchase of PTC accelerates Stevenswood’s ambition to build a national trade counters business.
Established in 1997 and headquarted in Livingston, Scotland, Stevenswood operates a network of 15 trade centres across Scotland, with a total showroom space of 70,000 square feet, distributing windows, doors and kitchens to the installer market.
The acquisition was triggered by Polyframe’s decision to exit the trade centres business to concentrate on its core manufacturing base. Strategically, the location of Polyframe’s 11 trade centres presented the perfect opportunity for expansion, with stores based across England and Wales, and clusters in the north of England and the South East.
The new combined group will continue to be headquarted in Livingston. Nicholas Summers, Managing Director of PTC will join the Stevenswood leadership team to contribute to the growth strategy. Additionally to support this initiative, Stevenswood have strengthened its board with the appointment of John Declerck as a non-executive director. He brings over 15 years global executive experience in procurement, merchandising, brand strategy and digital marketing for building materials and home improvement firms such as Kingfisher and Home Depot.
As part of this transaction, Stevenswood has bought out the minority investment held by Business Growth Fund (BGF).
Ron Hepburn, Chief Executive of Stevenswood said, “Our goal is to increase our network of trade centres over the next five years, to become the leading trade counter distributor in the UK. Although we aim to achieve this through a mix of acquisition, new sites and organic growth, we view acquisition as the major contributor to our plans. We are interested in further opportunities that might arise, whether they are single sites, small chains or large chains and are well positioned to act. Finally I would like to thank our previous investors, BGF, for their support which enabled the firm to develop to this stage.”
Jon Gatfield, Polyframe’s Group Managing Director, commented “This sale allows us to focus our attention and investment to increase our manufacturing capability, strengthen product development and expand Polyframe’s product range for the benefit of our customers. We are confident that the former PTCs, employees and customers will thrive as part of the Stevenswood group.”