The Wales-based builders’ merchant reached the milestone figure for the first time in 2018, according to newly published accounts for the company.
The documents show that Huws Gray’s turnover was £214 million for the year ending 31 December 2018; up from £181 million for the previous year. Profits for the year were £20 million, an increase of about £230,000 from 2017.
The number of employees rose from 763 to 847.
This follows a year marked by an aggressive growth strategy. According to the financial report, the directors attribute this growth to investment and internal controls and procedures.
Following a minority investment by private equity company Inflexion Partnership Capital in April 2018, Huws Gray became a full subsidiary of a newly created parent company, Holyhead Bidco.
Throughout 2018, Huws Gray acquired six smaller companies: Penrith Building Supplies, Armstrongs Builders Merchants, Southport Timber Company, Wheeler’s, PH Timber, and Audley.
In March 2019, Huws Gray bought up KF Supplies, a builders’ merchant based in York.
The report from the directors of the company indicates that “the strategy of the business moving forward is to continue to grow revenues through a combination of organic growth and further bolt on acquisitions as it consolidates”.
Holyhead Bidco acquired Ridgeons, a veteran timber and builders’ merchant with over 40 branches in East Anglia, in October 2018.