NI construction supply firm to invest £50m in acquisitive and organic growth
Tue, 28 Feb 2023 | BUSINESS NEWS
Northern Ireland-based construction supply firm Haldane Fisher has announced that it will target acquisitive and organic growth opportunities through a new £50 million investment. The growth strategy will span the next five years and follows the company’s recent acquisition of Wigan timber merchant Prowood.
The strategy will be funded through Haldane Fisher’s own cash generation, along with investment from Danske Bank. More than £30 million has been earmarked for M&A deals and green field developments, while £17.5 million will be used to drive organic growth.
CEO David Haldane commented: "This is a hugely exciting time for the Haldane Group as we unveil ambitious investment plans that will support our long-term vision and enhance company growth and development over the coming number of years.”
“Investing over £50 million in our people and across the wider organisation will allow Haldane Group to maintain our position as the partner of choice across a wide network of clients and suppliers, in addition to identifying new opportunities within the markets we serve.”
The company, which trades from 21 stores located across Northern Ireland, England and the Isle of Man, has also recently announced a reshuffle of its senior management. David Haldane has taken over the role of CEO, with Brian McAuley named Managing Director of Haldane Fisher Northern Ireland, while Simon Walling will head the business in England and the Isle of Man.
David Haldane added: “We are confident that our strategic long-term investment plans, combined with the enhancement of our executive structure and wider senior management team, will enable Haldane Group to make this vision a reality and we look forward to working to deliver sustainable opportunities and growth across the business.”
Haldane Fisher has seen significant growth in recent years, with the company’s accounts for the year to December 31 2021 showing turnover of £171.3 million, compared to £126.8 million a year earlier, while post-tax profits increased from £6 million in 2020 to £20.6 million.
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