Stax Trade Centres has purchased hardware and ironmongery manufacturer M.P. Smith and Co. Ltd, which has been a supplier to Stax for many years.
Stax said it was a strategic move to strengthen its supply chain and confirmed both companies will continue to run as separate businesses.
“Although this is great news for both Stax and M.P. Smith, it will be very much business as usual for everyone involved,” said Stax Purchasing Director, Simon Wright.
M.P. Smith was established in the mid-70s and using the brand name SECURIT® has been a longstanding player in the UK ironmongery sector. Company founder, Mike Smith, was very keen that any sale would ensure that the company name and reputation would continue after his retirement.
Wright added: “M.P. Smith has been a supplier to Stax for over 30 years, and it will continue to operate and supply the wholesale trade exactly as it has done previously. Customers of M.P. Smith will continue to receive the same great service they’re used to from the existing team.”
“Making M.P. Smith part of the wider Stax organisation simply makes our supply chain even more robust and allows us to continue offering our retail and trade customers a very successful range of hardware and security products under the SECURIT brand.”
Stax added that this latest move is another example of investing in the market in order to support independent retailers and tradespeople across the UK: “We promise to give our customers more choice and more value, safeguarding the SECURIT brand is another example of this customer centric strategy in action” added the Stax Purchasing Director.
Stax were advised on the purchase by Phillip Ball at Myerson Solicitors, and Stephen Verber and John McCaffrey at Alexander & Co Financial and Tax advisors. David Travis and Peter Williams from the Baldwins Corporate Finance team advised the shareholders of M.P. Smith. They worked alongside Michele Phillips of Lupton Fawcett from a legal perspective and Sharon Westbury of Milnes & Co who advised on tax matters.
PICTURED: David Hibbert (first left) and Eddie Brady (second left) of Stax, with Mike and Gloria Popek Smith