IronmongeryDirect acquired by Manutan Group
Published: 16 July, 2013
IronmongeryDirect has been acquired by Manutan Group, a European mail-order supplier to business and local authorities.
Based in Essex, IronmongeryDirect was founded in 1969 as a traditional ironmonger's shop. Over the last five years it has achieved compound growth of over 20% per year to £18.1m during its financial year ended 31 December 2012, with an operating profit of 7.6%.
IronmongeryDirect's growth shows how tradesmen value their positioning, offering over 14,000 in-stock items ready for next-day delivery throughout the UK. This performance is strong, despite the tough economic conditions within the UK construction industry.
With the acquisition of IronmongeryDirect, Manutan Group strengthens its position in the UK market, where it is already present with two brands: Key, its long-time subsidiary, and Rapid Racking, acquired in 2008.
IronmongeryDirect's managing director Wayne Lysaght-Mason said: "This is fantastic news for the business. Although we will continue to operate autonomously and as a subsidiary, the additional experience that the Manutan Group has will further support our ongoing, strong growth. The Manutan Group and its approach to business, its values, and commitment to people makes it an ideal fit for IronmongeryDirect."
Xavier Guichard, chief executive officer at Manutan Group, commented: "We are really pleased to welcome IronmongeryDirect to the Manutan family of companies. We see huge opportunities from this strategic purchase to further develop our business model."