GLP Transaction Press Release – BHT Group
Global Leisure Partners LLP ("GLP") is pleased to announce that it acted as financial advisor
to BHT Group (or the "Company") on the disposal of the operating brands and assets of
Heat Merchants and Tubs and Tiles to Harleston Group ("Harleston"). The businesses were
acquired out of insolvency from Kieran Wallace, the High Court appointed Liquidator of the
Company for an undisclosed consideration.
BHT Group, formerly Wolseley Plc’s Irish business, was one of the market leading suppliers
of building, heating, plumbing and home improvement materials to the professional and
retail markets in Ireland and Northern Ireland. The Company traded from 71 outlets under
the Heat Merchants, Tubs and Tiles and Brooks brands, generating sales of approximately
€137m in 2011.
Following a downturn in the Irish building market, the Company was placed
into examinership on 16 February 2012 and was placed into liquidation on 20 April 2012.
Subsequently, the Heat Merchants and Tubs and Tiles branches were successfully acquired
out of insolvency by Harleston, the owner of Irish-based Hevac, a leading supplier to the
heating and plumbing sector in Ireland. The branches included 32 of the 36 Heat Merchants
retail outlets in Ireland, seven of the collocated Tubs Tiles outlets and five stand-alone
shops. Premier Forest Products Group, a Welsh timber importer, subsequently acquired the
6 Brooks branches.
Commenting on the disposals, David Bains, Director at GLP, said:
"The transactions were completed in an extremely tough trading environment and
demonstrate commitment and resourcefulness from all parties involved. The acquisitions
enable the branches to continue to trade, securing approximately 280 jobs."
Global Leisure Partners LLP ("GLP") is authorised and regulated in the UK by the Financial Conduct Authority. Global Leisure Partners LLC, a subsidiary of GLP, is a
broker-dealer registered in the US with the Securities and Exchange Commission and is a FINRA member firm. Global Leisure Capital Partners LLC ("GLCP"), a wholly-owned subsidiary of GLP, is the principal investment arm of GLP. ©2012 GLP. All rights reserved. GLP specifically prohibits the redistribution of this material and accepts
no liability whatsoever for the actions of third parties in this respect.