Durakerb shows bottle in stake sale
WIRRAL-based Durakerb Group has sold just over a quarter of its business to an Irish joint venture partner as part of a £2m deal.
Durakerb has received the money from Durapol Ireland Ltd, which is part of ABM Europe Group.
It has taken a 26% stake in the company following a six-year contract win from Aggregate Industries, which will see Durakerb supply more than a million units of its recycled polymer kerbing product.
Durakerb Group was set up in 2003 by managing director Phil Sutton from his bedroom.
He designed a plastic kerbing product made up of an average of 182 recyclyed plastic bottles. The company has recently secured deals to supply kerbstones for the Olympic Park site for London’s 2012 Olympic Games.
“We are truly delighted to have completed this transaction,” said Sutton. “This investment will allow the business to continue with its growing market share within the UK. I would also wish to take this opportunity to put on record our appreciation to the tireless work and expertise of our advisers, who ensured the transaction went smoothly.”
The firm was advised by Southport-based accountants The Focus Practice and by law firm Brabners Chaffe Street.
Its corporate partner Rupert Gill said: “This deal is a culmination of seven years hard work by Phil Sutton, who has built a strong business model and cleverly created a recycled product which has given his company a clear advantage in a competitive marketplace.”
