Cornish based Richards Builders Merchants Ltd expands through acquisition supported by Barclays
A Cornish-based builder’s merchant has fulfilled its plans for growth, following the acquisition of Torpoint Builders Merchants located in Torpoint, supported by an undisclosed six-figure finance package from Barclays.
Established in 1965, Richards Builders Merchants is headquartered at a 1.4 acre industrial site near Doublebois, Liskeard and specialises in supplying building and timber supplies, plumbing and electrical goods, plus work wear across Cornwall and Devon. The firm sells to both trade and retail and offers a delivery service with the aim of being able to supply all the building materials required from the beginning to the end of any project.
The acquisition offers Richards the opportunity for geographical expansion and was prompted by the retirement of the previous owner.
Kevin Richards, owner-manager of Richards Builders Merchants Ltd, said: “The deal is good news for customers in the building trade across south Devon and Cornwall as both companies have a commitment for product quality and commitment to customer service which makes the acquisition a very good fit. We are excited about bringing the two merchant depots together under the same management team and exploring the potential for the exciting opportunities that lay ahead.”
Mark Heller, relationship director at Barclays, put together the funding package for the deal. He commented: “Richards Builders Merchants Ltd is a great example of a thriving Cornish family and independent business that is expanding for the future and contributing to the local economy. The new funding will enable the company to reach new markets and customers and we’re pleased to be able to support the firm with their growth ambitions.”
Richards Builders Merchants Ltd currently employ 17 full and part time staff and will increase to 19 following the acquisition.