Brick manufacturer with 320 staff in Peterborough set for stock market flotation
A brick manufacturer that employs 320 people in Peterborough is poised to float on the London Stock Exchange.
Forterra, which operates the former Hanson Brickworks site in Peterborough Road, Whittlesey, is planning a reported £450m float on the stock market next month.
The move has been prompted by a surge in demand in the UK house building sector.
The £290 million turnover Forterra, which makes the iconic Fletton red brick, employs 320 staff in its brickworks and quarry operations at 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
Stephen Harrison, chief executive of Forterra, said: “As a leading, long-established producer of building materials focused solely on the UK, we are excited to begin this new period as an independent company with a listing on the London Stock Exchange.
He added: “With our efficient manufacturing base, strong positions across all product categories, long-standing customer relationships, and significant scope for future capacity expansion, Forterra is very well placed for the future.”
The firm added: “A recovery in house building activity has been under way since 2013. The undersupply of housing is expected to continue, underpinning future demand for new housing.”
Directors believe demand for the group’s products is expected to rise as housing construction increases.