Flowcrete Group has been sold for an undisclosed sum to American-based RPM International – a holding company with speciality chemical manufacturing subsidiaries.
The company says that jobs will remain safe and that the move will allow it to expand its influence, especially overseas.
Flowcrete currently employs a total of 350 people, with 30 offices and 12 manufacturing sites around the world. It achieved a sales total of more than £44 million in 2007, which was a 24 per cent increase on its 2006 financial results.
“For several months we have been looking at ways to raise funds for the group, which would give it the financial muscle to make further acquisitions,” explained chairperson Dawn Gibbins MBE, who will be moving on to fulfil her life-long ambition to create an enterprise promoting Feng Shui – a concept that she has applied to the operations of Flowcrete to great success – in both residential and business environments in the UK.
“Flowcrete has been a central part of my life for 25 years but I am glad it is being transferred into the ownership of such an entrepreneurial company as RPM, under a deal that gives the company a platform for growth, stability and success,” she said.
Mark Greaves, husband and business partner of Gibbins, will remain with the company as group managing director. “I will be staying with the business… with a brief to further aggressively expand the business to become the world’s leading specialist flooring company,” he said.