As we approach the Small Cap Awards, due to take place on 25th June, Master Investor profiles some of the companies and people shortlisted. Brickability Group has been shortlisted for the IPO of the Year award.
Brickability Group was founded in 1984. At that time it was distributing bricks to builders in Wales and the South West. Founded by Peter Milton and headquartered in Bridgend the business began to spread it’s geographic coverage and recruited the current CEO Alan Simpson. Under their guidance the business became one of the UK’s major brick distributors and began to acquire competitors.
By 2009 Alan Simpson decided to broaden the product offering and founded Towelrads.com, FSN Doors and Frazer Simpson Windows. Following the demanding years of 2009-12 the business found itself in a stronger position than many of it’s rivals and began to acquire again. Brickability soon became the largest UK brick distributor with fully national coverage and an enviable list of customers and contacts. It developed very stong partnerships with major suppliers and to many became the largest customer.
In 2015 Peter Milton retired and a private equity company, Promethean became involved. Acquisitions and organic growth continued including into roofing products distribution and fixing while the brick importer Crest Brick and Tile joined the Group.
By 2018 the Group was getting ready for the next steps. Financial performance was strong, able new management came aboard and the decision was made to attempt to float on the Aim market in 2019.
The IPO was a demanding, challenging, stimulating and hugely enjoyable period for those involved. Advised by our brokers, Cenkos and our professional services partners we hugely enjoyed the meetings with potential investors and felt that whether it be growth, cash generation, financial performance or potential we believed that we had a strong story to tell. And thus it proved with our admission on 29 August.
Our first interim results were in line with expectations and our recent trading update has suggested similar for the full year. We significantly reduced activity and costs during the Covid 19 pandemic and are beginning to increase the scale of our operations as the construction industry returns to work. Our acquisition programme is also in line with our promises at IPO and the pipeline for more looks very strong. Our criteria for acquisitions are demanding and our determination to run the business in a lean fashion with a strong focus on customers and our service to them remains integral in all that we do.
We are proud of where we have come from and are both excited and optimistic about what lies ahead.
Brickability Group PLC