Brickability acquires roofing contractor Leadcraft

Concrete block and brick manufacturer Brickability said on Monday that it has acquired Hampshire-based roofing contractor Leadcraft for £5.5m.

Brickability said the acquisition was its 12th "strategically significant" addition to the group, further underlining its acquisition strategy set out at the group's listing.

The AIM-listed company stated that the consideration for Leadcraft would be satisfied by an initial payment of £3.3m and a deferred consideration of £2.2m, payable in cash over the next three years.

The acquisition will be funded from Brickability's existing resources and was expected to be immediately earnings accretive post-completion.

Chief executive Alan Simpson said: "Following our recent transaction with Taylor Maxwell this is another strong acquisition for Brickability as we continue the strategy we set out at IPO.

"This acquisition will further strengthen and diversify our offering as we lean into the V-shaped recovery being seen across the construction sector."

As of 1110 BST, Brickability shares were up 5.47% at 106.0p.