News

Smith & Williamson’s Bristol team advise brick specialist on £31m deal

  • Written By: Mark Gee
  • Published: Sat, 11 Mar 2017 14:17 GMT

The Bristol office of accountancy, investment management and tax group, Smith & Williamson, provided financial due diligence to Michelmersh Brick Holdings Plc on its acquisition of Carlton Main Brickworks Limited in a deal valued at £31 million.

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Smith & Williamson partner David Roper and his team advised long-standing client Michelmersh on the financial aspects of the deal which is expected to increase the Group’s output to 100 million bricks a year.

Commenting on the deal, David Roper said: “Our work included preparing a detailed report on Carlton’s financial position for Michelmersh and HSBC, working closely with both parties to secure the funding needed to help get this deal over the line. This is a great acquisition for Michelmersh and marks another exciting chapter in the company’s growth. We’ve worked closely with Michelmersh for many years and look forward to continuing to be part of their journey.”

Steve Morgan, Michelmersh's finance director, said: "This was a long-running transaction and we are very grateful to David and the team at Smith & Williamson for their ongoing support and the role they played in helping us complete this important strategic step forward in our expansion plans.”

He continued: “The addition of Carlton will broaden an already very strong and loyal customer base, giving access to new regional markets with cross sales opportunities and product synergies. Carlton also brings with it a popular and highly regarded RMI focused product line. This will give the enlarged Group the ability to strengthen its market offering whilst greatly improving efficiency and output per capita.”

Carlton is an independent, family-run manufacturing business which operates from a 93-acre site in Barnsley, Yorkshire. Carlton will sit alongside the Group’s other brickworks and will continue to manufacture its well respected range of products.

DISCLAIMER
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.

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