Major employer in Peterborough floats on stock exchange in £360 million listing

The brick manufacturing process at Forterra.

The brick manufacturing process at Forterra.

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A brick manufacturer in Peterborough has listed on the London Stock Exchange in a move valuing the company at £360 million.

Forterra, which employs 320 people at the former Hanson Brickworks site in Peterborough Road, Whittlesey, is selling 70 million shares at 180 pence per share.

Stephen Harrison, chief executive of Forterra.

Stephen Harrison, chief executive of Forterra.

The flotation comes as the masonry products company, which has its headquarters in Northampton, seeks to take advantage of a growth in the housing market.

Chief executive Stephen Harrison said: “We are very pleased to be listing on the London Stock Exchange following the strong interest that investors have shown in Forterra.

“We are excited to begin this new period as an independent company with a well-invested and efficient manufacturing base, and the appropriate capital structure to take advantage of the growing UK housing market.”

Shares in the company were trading below the float price today (Thursday) at 178.5p per share.

We are excited to begin this new period as an independent company.

Stephen Harrison, chief executive

The £290 million turnover Forterra makes the iconic Fletton red brick and employs 320 staff in its brickworks and quarry operations at the Whittlesey site and 1,600 people across the UK.

It is owned by private equity firm Lone Star, which bought the business from Germany’s HeidelbergCement a year ago.

It generates 95 per cent of its revenue from the UK housing market.