Builders merchant group Lords has bought Chiltern Timber Supplies Limited, an independent timber merchant operating from a single site in Hemel Hempstead, Hertfordshire.
The business, set up in 2013, specialises in providing hardwoods, special timber sections, timber landscaping products and veneered sheet material. It also operates a milling facility.
For year ended 31 December 2022, Chiltern Timber posted revenues of £2.6m, and £0.25 million of EBITDA. Lords are paying up to £1.65 million in cash on a net cash free / debt free basis, and will fund the purchase from its existing facilities.
The Lords Group believes that there is strong growth potential and synergies achievable from Chiltern Timber operating within the Lords business, given the ability for it to cross sell into the existing Lords customer base.
Shanker Patel, Chief Executive Officer of Lords, said: “We are delighted to announce the successful acquisition of Chiltern Timber and are also really excited to welcome their ten colleagues to the Lords Group family. The acquisition is complementary to our existing Lords Builders Merchants business and will increase our customer base, broaden our product offering and enhance our UK geographic coverage.”