Tue, 12 Sep 2023 | BUSINESS SALE
Bradford-based timber merchant Savoy Holdings, which trades as Savoy Timber, has been acquired in a deal valued at around £10 million. The firm has been acquired by Savoy Timber Holdings Ltd, a new firm set up by Chris Powell, the director of Bradford sawmill business Estate Sawmills Ltd.
The consideration represents approximately a 2.4x multiple of Savoy’s gross profits of £4.1 million in its most recent accounts, for the year ending November 30 022, generated on turnover of close to £12.1 million. During that period, the business recorded pre-tax profits of £474,418 and its net assets at the time were valued at £6.1 million.
Savoy Timber was founded in 1952 and has grown to be a prominent timber merchant group, operating superstores in Wigan, Preston and Blackpool, in addition to an online store. The company supplies timber products, including decking, worktops and doors, to a customer base that spans the UK.
The business has been sold following the retirement of managing director George Cornwell. Following the acquisition, the company will continue to trade as Savoy Timber. Estate Sawmills is a supplier of timber, fencing, agricultural products, decking and gates to trade and DIY customers across the UK.
Chris Powell said that Estate Sawmills had seen “rapid expansion” since the firm was acquired in 2020 and that the acquisition of Savoy Timber “will enable us to continue our growth journey in this dynamic sector.”
Powell commented: "Savoy is a long-established and well-known business that not only broadens our presence across the North, but its strong e-commerce platform also increases our market share throughout the UK as well as expanding our product offering.”
"While Estate Sawmills has focused on external timber products, Savoy offers an extensive range covering all timber products, both inside and outside the house. This expanded product line will now also be available via Estate Sawmills.”
Powell said that Estate Sawmills has an “ambitious vision” and that the new acquisition was “another important milestone as we seek to press on with our expansion, having capitalised on the garden improvement boom post-COVID.”
He added that the company was now “actively looking for a complementary timber business in the South to strengthen our national coverage.”
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