Pavestone UK Limited, the independent manufacturer and distributor of domestic hard landscaping & building materials, has completed a buyback of 54.8% of its issued shares.
Following the death of Pavestone founder Kevin Fowler in July 2020, the Fowler Trustees (beneficiary), approved the sale and transfer of the shareholding back to the company and this was completed on Wednesday 13th October, 2021.
Funding for the share purchase was achieved through accrued retained profits and without the requirement of venture capital, additional
or new shareholder funding.
Pavestone Group CEO Jon Layton said: “I am delighted to confirm that the Pavestone business continues to be focussed on realising the strategic growth plans in place and further investment to meet our planned growth. Equally importantly is that the business continues to be owned and managed by the existing, experienced, executive team who have helped to guide and build the Company, since its inception in 2003, to the £54m business it is today.”
Krystal Williams, Pavestone managing director added: “We look forward to the challenges of 2022 having learned so much from the 2020/21 pandemic years. Our logistics & commercial teams have a clear understanding of our customers’ requirements, and we are committed to ensuring another mutually successful year.”