April, 2012
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."

Important Notice: