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Home News Crest Building Products announces London Stock Exchange Floatation

Crest Building Products announces London Stock Exchange Floatation

by Matt Downs

On 29 August 2019 Brickability Group plc announced the admission of its entire issued ordinary share capital to trading on the AIM market of the London Stock Exchange.

The capital comprises 230,458,821 ordinary shares. Dealings commenced at 8am under the ticker ‘BRCK’ and ISIN GB00BK63S759.

In a statement, the company said £57 million was raised by the conditional placing and subscription of 87,272,225 new Ordinary Shares, at a placing price of 65p. The new Ordinary Shares represent 37.9% of the enlarged share capital on admission.

Howden-based Crest Building Products, and Southern-based roofing contractors Crest Roofing, Crown Roofing and Excel Roofing Services, joined the Brickability Group in March 2018. The new and enlarged Brickability Group has been formed by the coming together of companies who all have their specialist products and services, but who all serve the same market.

Investment board member and madaging Director of Crest, Arnold van Huet, announced the company will now be called Brickability Group PLC. It has a market capitalisation of approximately £150 million and an enterprise value of approximately £170 million.

He says: “After months of hard work, this a great achievement for the company and is expected to be a huge success. This will put the business on a sound footing for the future and further expansion.”

Brickability was founded in 1984 in Bridgend South Wales to sell and distribute bricks to local housebuilders. The business expanded to Maidenhead in the South East, and today has business revenues of £169 million. The Group has 25 sites covering the whole of the UK, and trades with major housebuilders including Bellway, Barratt, Taylor Wimpey, Bovis, and David Wilson. The company also supplies regional and small builders, contractors and architectural specifications.

Other products in the group’s portfolio include heating, plumbing, towel radiators, roof tiles, windows and doors.

Group Chairman John Richards says: “Despite it being a tough market at the moment due to Brexit and potential issues with American and Chinese markets, the reception has been a good one, we have been heartened by the response we have already had from future investors in this challenging market.”

The Company’s Admission Document is available from www.brickabilitygroupplc.com

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