£10m deal as timber merchants merge to grow expanding group
A North West timber merchants has been acquired in a £10m deal by a Yorkshire rival.
Family-owned Savoy Holdings, which trades as Savoy Timber, was founded in 1952 and has grown into a £15m-turnover timber merchant group with superstores in Preston, Blackpool and Wigan as well as an online store. With customers across the UK, the business supplies a wide range of timber products including doors, decking and worktops. It employs 82 people.
The group has been acquired by Savoy Timber Holdings, a new company set up by Chris Powell, of Estate Sawmills, a fast-growing Bradford-based timber merchant.
The acquisition complements the operations of Estate Sawmills, another family-run business based in Heaton, Bradford. Headed up by Chris Powell, it supplies timber, fencing, decking, agricultural products and gates to trade and DIY customers nationwide.
The deal follows the retirement of George Cornwell, managing director of Savoy Holdings. The business will continue to trade as Savoy Timber.
Chris Powell said: “After acquiring Estate Sawmills in 2020, we have seen rapid expansion and the acquisition of Savoy will enable us to continue our growth journey in this dynamic sector.
“Savoy is a long established and well known business that not only broadens our presence across the North, but its strong e-commerce platform also increases our market share throughout the UK as well as expanding our product offering.
“While Estate Sawmills has focused on external timber products, Savoy offers an extensive range covering all timber products, both inside and outside the house. This expanded product line will now also be available via Estate Sawmills.”
He added: “We have an ambitious vision and this latest acquisition marks another important milestone as we seek to press on with our expansion, having capitalised on the garden improvement boom post-COVID. We are now actively looking for a complementary timber business in the South to strengthen our national coverage.”
Completing on September 8, the transaction was supported by a team of Yorkshire-based advisers. Hitesh Tailor, Nicola Cooper and Jonathan Simms of Clarion provided legal advice to the buyer, supported by colleague Julie Evans who provided property advice, and Gavin Lamb of Azets provided financial advice.
The vendor was advised by Ormrods Solicitors. Banking was provided by NatWest with legal advice from Schofield Sweeney.
Hitesh Tailor, Nicola Cooper, Jonathan Simms and Luke Mansfield of Clarion provided legal advice to the buyer, supported by colleague Julie Evans who provided property advice, and Gavin Lamb of Azets provided financial advice.