Entrepreneur buys Carillion insulation division

SKELMERSDALE-based Sustainable Building Solutions (SBS) has acquired insultation specialist Permarock Products from the construction group Carillion.

SBS, owned by Derek Horrocks, has bought the business for an undisclosed sum with backing from Barclays corporate banking.

Loughborough-based Permarock makes and suppliers of external wall insulation, solid wall insulation and exterior render systems. It has 35 staff and sales of £6.5m.

Mr Horrocks said: “My businesses have delivered significant growth in revenue and profit over recent years on the back of strong organic growth and selective acquisitions.

“We have been very impressed with the holistic approach from Barclays, their appetite to do business in the current financial climate, and their support is an endorsement of our strategy and illustrates both the strength of our balance sheet and the quality of our asset base.”

The transaction was led for Barclays by relationship director Chris Wynne. He said: “With the potential growth in the external wall insulation market, Permarock is an excellent strategic fit and we look forward to seeing Derek’s businesses go from strength to strength in the months and years ahead.”