The Group’s strong growth flows from a sound and consistent strategy of capitalising
on market opportunities in core businesses and diversifying the Group’s earnings
base between Ireland and the UK.
Today, in Ireland, Grafton is the largest builders and plumbers
merchants and the clear market leader in DIY retailing. In the
UK the Group’s merchanting operation is the 4th largest in the market.
2005 turnover was
€2.6 billion and Profit after Tax amounted to €166 million (restated
under IFRS).
Grafton’s origins date back to 1902 and since then the Chadwick
family have played a central role in the development of the business.
1902
William Thomas Chadwick establishes his first business called Chadwicks
(Dublin) Limited to supply builders merchants and major building contractors
with Irish and imported cement and plaster. Today Chadwicks is the 2nd
largest builders and plumbers merchanting brand in Ireland, trading from
31 branches nationally.
1930
William Chadwick acquires control of a small firm engaged in the
manufacture of concrete blocks and roof tiles, which his company
was supplying with cement. In 1931 Concrete
Products of Ireland was registered
as a private limited company. Today it is called CPI Limited and is a
leading manufacturer of dry mortar in the Irish market.
William Chadwick, the Group’s founder, dies at the end of the
Second World War, leaving the business to his two sons – Terence and Finton
Chadwick.
1965
Concrete Products of Ireland becomes a public company and purchases
Chadwicks (Dublin) Limited from the Chadwick family. At the same time
Marley Limited increases its holding to 51%. Marley’s relationship with
Concrete Products of Ireland dates back to the end of the Second World
War when Marley acquired a minority shareholding.
1985
Mr. Michael Chadwick is appointed Executive Chairman.
1987
Marley plc decides to concentrate on the manufacture of building
materials and as a consequence sold its controlling shareholding in the
Group. The Marley shareholding was placed with institutional investors
and the Group’s management. The Group opens its first DIY retailing store in the Irish market.
1988
The Group changes its name to Grafton Group plc and makes its first
UK acquisition, a small heating and plumbing business which gives the Group
familiarity with the large UK merchanting market.
1990
The Group acquires Macnaughton Blair a long-established andwell-known
Belfast-based builders merchants. Also during the year Grafton
acquires Joseph Kelly & Son
(1994) Limited in Dublin, a builders merchanting business which
was to become very well placed to serve the needs of the building
trade in the
centre of Dublin.
Mr. Norman Kilroy is appointed Managing Director and Mr. Colm Ó Nualláin
is appointed FInance Director.
1994
The Group’s expands significantly in the UK with the acquisition
of Bradley’s and Lumley & Hunt
plumbing and heating operations. Total sales in Britain and Northern Ireland
increase by 53%, representing 21% of Group turnover.
1995
Grafton acquires P.P.S. Mortars – a silo mortar plant based in Glasgow.
This business adopts the EuroMix silo mortar business model and technology,
which has been successfully developed by CPI, the Group’s Irish
concrete products business. Today EuroMix is the leading UK mortar
manufacturer with eight plants.
1996
The Group continues it strategic development in the UK with its first
acquisition of a builders merchanting business – R.J. Johnson, based
in Oxford.
1997
The Group continues to acquire in the UK adding a further 14 locations
through six small but significant acquisitions and achieves critical
mass in its UK operations. This is the Group’s tenth year as an independent
public company; a decade of considerable achievement in which sales increased
18% annually and earnings per share grew at an annualised rate of 29%.
1998
UK builders merchanting operations expand substantially with the
acquisition of British Dredging plc, the first time an Irish company
acquires a listed UK plc. This business operates a total of 23
locations incorporating 17 builders merchants and six plumbers merchants.
The builders merchanting operation is integrated under the Buildbase
brand, which
was established in 1997 as the trading name for the Group’s UK
builders merchanting operation.
During that year the Group makes another six acquisitions adding
a further 19 locations, including the London based Deben Builders Merchants
business with 10 branches and A R Hendricks Limited, a heavyside builders
merchant trading from five branches.
1999
The Group continues its bolt-on acquisition programme adding a 16
more locations, through eight acquisitions in the UK. Throughout the
nineties the Group continues with the expansion of its Irish merchanting
and DIY retailing operations and consolidates
its position as market leader in both sectors.
2000/2001
During these years, the Group continues apace with its bolt-on acquisition
strategy. A total of 24 acquisitions were made during the period,
many single branch operations that add value through infilling
the Group’s overall network of locations in the UK.
2002
This is a record year with a total of 15 acquisitions adding a further
39 branches to the UK merchanting network. These acquisitions included
five small chains: Lakes in Derby, BMB in Barnsley, PDM in Edinburgh,
Aizlewoods in Rotherham and JKS Heating and Plumbing Supplies in Manchester.
2003
The Group undertakes its largest ever acquisition thus far – Jackson
Building Centres in England adding 18 branches – and makes another
significant acquisition with Plumbline, Scotland’s largest independent
plumbers merchants
with 17 locations. Overall it was a busy year with a further seven
bolt-on acquisitions completed, giving a total of nine acquisitions for
2003. Grafton
now has 137 plumbers merchanting branches trading under the Plumbase
brand and 139 builders merchanting branches trading principally under
the Buildbase
and Jackson brands.
2004
The Group completes its 100th acquisition since 1998, averaging more
than one per month. A total of 19 acquisitions are completed during the
year, another record year for development. Grafton reaches agreement
to acquire Heiton Group plc, subject to regulatory approval.
2005
In January Grafton completes the acquisition of Heiton Group plc.
This business includes, inter alia, the No. 1 builders merchanting operation
and the No. 2 DIY retailing brand in Ireland and is a good strategic
fit with Grafton’s existing operations and consolidates its position
as the leading player in the Irish market. Overall Heiton has over 50
trading locations (six in the UK), an average of 1,900 employees and
a turnover in excess of €500 million.
