Acheson & Glover has announced that its two trading companies have been acquired by a new company, owned by A&G's former chief executive Raymond Acheson.
Mr Acheson, who has headed up the Northern Ireland-based concrete products manufacturer for more than 30 years, said the double acquisition would enable Acheson & Glover Limited, and Acheson Glover Precast Limited, to move into the future with confidence.
The acquisitions follow the placing into administration of a non-trading holding company, Acheson & Glover Group Limited, on 2 May, 2014. It is being supported through provision of Bank of Ireland facilities.
"This is great news for everyone concerned as it enables both Acheson & Glover Limited and Acheson & Glover Precast Limited to continue to trade as normal without any impact on staff, customers or suppliers," said Mr Acheson. "Put simply, for everyone connected with Acheson & Glover it is business as usual."
Mr Acheson said the development comes at an exciting time for the businesses as economic conditions across all their markets are now improving.
"Both trading companies have been making good progress for some time now and especially in recent months. Acheson & Glover Precast Limited has a full order book and Acheson & Glover Limited has seen its sales in GB double. That's why I am confident in making this investment. We are very optimistic about the future and delighted for everyone associated with the businesses."
Mr Acheson paid tribute to the Group's 380 staff, for their hard work and support in recent times when market conditions have been extremely challenging.
Both trading companies are currently recruiting as market conditions continue to improve.