Ownership of one of the UK's largest suppliers of natural stone changed hands just before Christmas via a Management Buy Out, thanks to support from experts at Wake Smith & Tofields.
The Chesterfield based Realstone Group is one of the largest suppliers, processors and quarriers of natural stone in the UK. Realstone Ltd have three production sites and their sister company Blockstone Ltd operate eight quarries.
The management team comprising Iain Kennedy, Steve Wright, Andrew Gregory, John Thompson, Paul Bailey and John Nolan purchased the Group with the support of structured funding package put together at Barclays Bank.
Iain Kennedy (Managing Director) said "Although the ownership has changed, it is very much business as usual with a highly customer focused approach. We are specialising increasingly on high end residences in our traditional market and rainscreen in the commercial sectors and these demand a high degree of input from the stone supplier. With our design and supply package aimed at helping contractors and clients alike we are finding that it is not only price that matters but the whole package to give good support and value for money. I am looking forward to the challenges of the future and thank the Gregory family for their support in making this MBO happen."
As well as Head Office, Chesterfield is home to Realstone's significant stone production facilities, with other production facilities being located in Glasgow and Penrith, Cumbria. These facilities process stone from all over the UK including Blockstone's sandstone quarries in Derbyshire, Richmondshire, Cumbria and Scotland. In addition limestones from Bath, Ancaster and Portland are also processed.
Blockstone has an impressive portfolio of stone quarries including Peakmoor, Dukes and Wattscliffe from Derbyshire; Scotch Buff from Richmondshire; Stoneraise from Cumbria and Cove Red from Dumfries and Galloway.
In the Yorkshire/Midlands Region, high profile projects supplied include the new Inner Ring Road (Sheffield), the Ruskin Gallery & St. Pauls (Sheffield) Royal Hotel (York), DSS Building (Leeds), Hull Railway Station; Yorkshire Sculpture Park, (Wakefield); Restoration of Rotherham & Birmingham Town Halls; Merryhill Shopping Centre (Birmingham) and the Crown Court Buildings (Sheffield).
Sheffield based dealmakers, Castle Square Corporate Finance, acted as lead advisors on the transaction, with legal services provided by Michelle Hayward and her team from Wake Smith & Tofields solicitors.
Michelle Hayward said "Wake Smith & Tofields is delighted to have been involved in advising the MBO team on this transaction. Unusually, the deal involved some of the Gregory family vendors continuing as shareholders in the new venture allowing for the strengths of the old and new management to be combined and enhanced. The deal also demonstrates that despite the continuing economic difficulties it is still possible to obtain funding for the right deal."
