Backgound
T. Brewer & Co Ltd supplies timber to the construction market, trading from branches in Clapham and Enfield – where it has in-house milling facilities – and Amersham. Started in 1888, the business turned over in excess of £14m in 2015.
The FTSE 250-listed Grafton Group plc is an independent builders’ merchant, DIY retailer, plumbers’ merchant and dry mortar manufacturing company. Operating in the British, Irish, Belgian and Dutch markets, it has 600 branches and an annual turnover of more than £2bn.
Our involvement
After more than 20 years of owning and developing a highly successful business, T Brewer’s shareholders decided to step back from the company and realise their investment, calling on us to negotiate its sale.
Thrings’ Corporate Team regularly assists owners of SME businesses to facilitate their exit. Drawing on this expertise the Thrings Corporate Team led the transaction, working closely with members of Thrings’ Commercial Property, Employment and Commercial Teams to deliver legal advice to T Brewer’s shareholders. Corporate finance advice was provided by Smith & Williamson.
Thrings worked to ensure a positive outcome for all parties, with the deal completed for an undisclosed sum. Under the terms of the transaction, T. Brewer & Co Ltd retained its name and co-directors Keith Fryer, Rodney Scoles and Nick Brewer remained in post to oversee the transition to Grafton Group’s new management team.
The outcome
Mr Fryer, who is also the current president of the Timber Trade Federation, said of the experience: “Selling a business is always a stressful time; having the right team in place is critical and we engaged Thrings through an assessment against other strong competition. We have been extremely pleased with the professionalism and quality that John and Simon brought to the process.”
Thrings was delighted to work with and advise Mr Fryer, Mr Scoles and Mr Brewer on all legal aspects of this transaction.
For further commentary on this case, or to discuss any corporate-related issue, please contact a member of Thrings' Corporate team.
