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4 July, 2007 - 01:00 By Staff Reporter

Gibbs & Dandy buys timber merchant

Luton-based builder's merchant, Gibbs and Dandy has paid £1m for single-branch timber merchant, Leicestershire-based Carson Fletcher Timber, despite reporting a nine per cent drops in profits for the year to March, operating in the company called a "far from easy" trading environment.

The acquisition, which brings the total number of the firm's branches to eleven, will see Gibbs and Dandy pay an initial cash consideration of £1m, plus an additional amount, not exceeding £373k for Carson Fletcher's net assets.

The firm, which turned over £1.87m for the year to January, will further add to Gibb's three existing branches in the South Midlands. Shares in the firm remain unchanged at 395p.

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