Premier Forest Group has announced that it has sold, for an undisclosed price, their Irish subsidiary Premier Forest ROI Ltd to Northern Ireland based Murdock Builders Merchant. Premier Forest ROI Ltd is an eight-site subsidiary comprising of Brooks Timber and Building Supplies and Dublin Plywood and Veneer (DPV). Premier Forest Group acquired Brooks in 2012 and DPV in 2013, helping to rebuild both iconic Irish timber companies following the difficult post-credit crunch period in Ireland, leading to nine years of back-to-back growth in profit and turnover. The sale is subject to the approval of the Competition and Consumer Protection Commission (CCPC) and covers the trading assets, goodwill and freehold properties. The referral process is anticipated to take up to 30 working days and, subject to final approval from the CCPC, completion of the deal is likely to occur at the end of July 2021.
In a statement prepared for the announcement of the sales, Terry Edgell, CEO and co-founder of Premier Forest Group said: “Over the past 12 months we have had various approaches about the possibility of selling our Irish subsidiaries and after careful consideration we felt that the time was right to hand the reins to an Irish company to steer them through their next phase of growth. This is a positive step for the Premier Forest Group, one which allows us to consolidate our position by giving us significant resource to reinvest in our staff and our business and drive growth in the UK through investment and further acquisitions.”
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Premier Forest Group to sell its Irish subsidiary