Brickmaker acquires concrete specialist despite sales slump
Ibstock has acquired Coltman Precast, based in Sutton Coldfield, as it looks to combat macroeconomic challenges.
Ibstock said that because of this it has shut down its South Holmwood brick factory in Surrey, following the closure of its Ravenhead factory in Lancashire last year. The company will incur a one-off cost of closing both plants of £15m but save £20m a year.
Its acquisition of Coltman enables Ibstock to expand its product offerings and improve its manufacturing capacity nationwide.
Tim Wright, commercial sales operations director at Ibstock, said: “The acquisition of a brand as well-known and respected as Coltman Precast is a significant milestone for Ibstock.
“We believe it further increases Ibstock Group’s ability to manage the short-term challenges which are being impacted by the wider economic climate, whilst helping us plan and work towards longer-term success.”
Coltman Precast was owned by co-founder Valerie Coltman until her death in November 2022, when the executor of her will became the controlling party.
The producer of precast concrete products operates from its 9.25-acre site in Sutton Coldfield, where it employs around 80 people. It generated a pre-tax profit of £891,000 in the year to March 2023 on revenues of £10.7m.
