Manufacturer snaps up £38m-turnover cladding contractor

Brickability has bought cladding and roofing contractor Topek Southern Ltd (TSL) in a deal worth up to £48m.

The building-materials specialist said the move would expand its cladding installation and remediation capabilities across the country, complementing its acquisition of Group Topek Holdings in October.

The deal consists of a £27.3m initial consideration – £17.3m in cash and £10m in shares – with up to an additional £20.7m over the next three years depending on performance.

TSL turned over £38m and made a pre-tax profit of £8.1m in the year to 31 August 2023. The firm employs 68 staff.

Brickability chief executive Alan Simpson said: “As previously reported, our bricks and building materials division has seen cladding products supply go from strength to strength.

“Topek Southern will sit within the group’s contracting division alongside Group Topek Holdings and will further strengthen the group’s national presence in the market across cladding supply and installation as we continue to deliver upon the group’s diversified multi-business strategy.”

Hampshire-based TSL was established as a regional division of Topek in 2009 and spun out as a standalone firm in 2013. Since a management buyout in 2018, the company has completed roof refurbishments at Twickenham Stadium and Emirates Stadium and remediated cladding at multiple student accommodations and hotels.

Since Brickability floated on the London Stock Exchange in 2019, it has acquired 14 businesses, including cladding supplier Taylor Maxwell.

TSL managing director Dexter Copeland said: “We are excited to be joining the Brickability Group and with it beginning a new chapter in the history of the business. This is a great opportunity to develop the business further as part of a larger organisation.”

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