The Competition and Markets Authority has formally approved Breedon's acquisition of Hope and the purchase went through today (1 August).
The move to acquire cement and concrete supplier Hope Construction Materials makes Breedon the UK's largest independent construction materials group, the company claimed.
Upon Completon, Amit Bhata, Hope's Chairman, was appointed to the Breedon board of directors as a non‐executive director.
Commenting days before the acquisition completed, Breedon’s Chairman, Peter Tom CBE, said: “The way is now clear for Hope to join us and create the UK’s largest independent construction materials group. It will give us a stronger platform for growth, with a broader geographical footprint, increased scale, an improved product mix, greater financial capacity and a team of highly talented people. We have built our reputation on our service, delivered locally, promptly and to the highest quality standards. We look forward to working with our new colleagues to deliver an even better and more comprehensive service to our customers in the years ahead.”
Breedon Aggregates became formally known as Breedon Group in July and its six month financial results (up to 30 June 2016) saw revenue up 2% to £163 million and profits before tax up 21% to £20.9 million (results before acquisition related costs).
