Funding for the share purchase was achieved through accrued retained profits and without the requirement of venture capital, additional or new shareholder funding.
Pavestone UK, the UK’s leading independent manufacturer and distributors of domestic hard landscaping & building materials, has now completed a buyback of 54.8% of its issued shares.
Following the death of Company founder Kevin Fowler, in July 2020, the Fowler Trustees (beneficiary), approved the sale and transfer of the shareholding back to the company. Funding for the share purchase was achieved through accrued retained profits and without the requirement of venture capital, additional or new shareholder funding.
“I am delighted to confirm that the Pavestone business continues to be focussed on realising the strategic growth plans in place and further investment to meet our planned growth. Equally importantly is that the business continues to be owned and managed by the existing, experienced, executive team who have helped to guide and build the Company, since its inception in 2003, to the £54 million business it is today,” said Jon Layton, Pavestone Group CEO.
“We look forward to the challenges of 2022 having learned so much from the 2020/21 pandemic years. Our logistics and commercial teams have a clear understanding of our customers’ requirements, and we are committed to ensuring another mutually successful year” added Krystal Williams, Pavestone MD.
