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Building materials manufacturer Ibstock has bought Birmingham-based Coltman Precast, one of the largest independent suppliers of precast concrete products, which operates out of Sutton Coldfield, making hollowcore flooring panels and staircases.
The deal will allow Ibstock to deliver a full portfolio of precast concrete products at a national level, and complements Ibstock’s existing flooring operations at Sittingbourne and Dewsbury.
Tim Wright, commercial sales operations director at Ibstock, said: “The acquisition of a brand as well-known and respected as Coltman Precast is a significant milestone for Ibstock. We believe it further increases our ability to manage the short-term challenges which are being impacted by the wider economic climate, whilst helping us plan and work towards longer term success.”
The group’s trading update for the fourth quarter of 2023 shows that, when the full year results are released on March 6th, revenues are likely to have decreased by 21% to approximately £405 million, with residential construction markets expected to remain subdued in the near-term.
The group has permanently closed its South Holmwood brick facility in Surrey, whhc itself follows that of its Ravenhead factory in Lancashire last summer.
“Throughout the period we have focused on taking the right actions in light of near term market conditions, which has led to the difficult but necessary decision to reduce headcount across the business. At the same time, we have continued to progress the projects that will underpin growth as our markets recover,” said chief executive Joe Hudson.
