Proceeds of over £2.5 million from the sale will be shared with RGB’s 350 employees as a reward for their commitment, long service, loyalty and support.

RGB Building Supplies has been acquired by Grant & Stone, becoming part of the largest independent builders merchant group in southern England.

The company will continue trading as RGB Building Supplies across Devon, Cornwall and Somerset, and its head office will still be located in Barnstaple.

The majority of RGB’s Executive Board of Directors will not change and its current Chief Executive Kevin Fenlon will remain leading the business.

Retiring RGB Chairman Colin Worth, who has worked for the business for 54 years, said: “The Directors of RGB wanted to acknowledge the many years of hard work and determination our colleagues have put in to helping grow RGB into one of the leading builders merchants in the South West.

“Thanks to them, we have built fantastic relationships with our customers, who have and will continue to buy building materials from a strong and regional independent builders merchant.”

“We are extremely proud of the RGB team and wanted to say thank you for everything they’ve done for the business. We look forward to growing the company with them.”

Kevin Fenlon, CEO of RGB, added: “This partnership is exciting and will deliver great things. RGB and Grant & Stone are completely aligned in our ambitions for the company and how we achieve them. We also have a shared approach to product excellence and outstanding customer service.”