Feb 02, 2022
IBMG Acquires Pennyhill Timber
IBMG is pleased to announce that it has acquired Pennyhill Timber Ltd (Pennyhill). This acquisition expands IBMG’s specialist timber division into Surrey, reinforcing its position as the largest independent merchant in the South of England.
Established in 2010, Pennyhill Timber is a local, independent timber merchant servicing Surrey, Berkshire and Hampshire from a two-acre site in Woking, providing timber, sheet materials and landscaping products to trade and retail customers. Pennyhill Timber has demonstrated strong organic growth since its formation.
Pennyhill’s highly complementary services and product range provide IBMG with further geographic expansion, product extension and a strong platform for further growth. Culturally, both companies share a common vision, independent ethos and commitment to providing the highest standards of customer service.
For Pennyhill, this partnership secures the right custodian for the business to support its future growth potential, a partner with shared values who will maintain and respect its legacy. David Adams, Pennyhill’s Managing Director will continue to lead the business, working with Trevor Mudd, Managing Director of IBMG’s timber division, to realise the growth opportunities that this partnership will deliver.
Following its recent merger with Grant & Stone, this acquisition continues IBMG’s strategy of developing its divisions through a combination of acquisition, new site development and organic growth. The Group will continue to look for more opportunities to complement their existing business and bring their differentiated and comprehensive offering to current and new customers.
Trevor Mudd, Managing Director of IBMG’s timber division said, “We are delighted to welcome Pennyhill to the Group. This an exciting time for IBMG; we have the scale, the range of products and services, and specialist expertise to ensure a successful partnership. Our continued goal is to be the independent merchant of choice as the best provider for our customers’ timber needs.”
David Adams, Managing Director of Pennyhill commented, “The team and I are proud of all that we have built to date, but we recognise that our company will be able to achieve much more as part of a larger group. Partnering with IBMG will facilitate this growth and we look forward to continuing this success story together.”