LONDON (ShareCast) - (Sharecast News) - Timber distributor James Latham said on Monday that it has acquired the entire issued share capital of Sarcon and its IJK Timber subsidiary.
Latham stated IJK, which trades as IJK Timber and Northern Hardwood and operates from two sites in Northern Ireland, had been acquired for £4.0m, plus or minus a net asset adjustment based on estimated net assets of £3.5m.

The AIM-listed firm said the consideration would be satisfied in cash from its existing resources.

For the year ended 30 September 2020, the turnover of IJK was £8.8m and underlying earnings were £507,000.

Chairman Nick Latham said: "We are delighted to have acquired IJK which will allow us to increase our panel product and timber offering in Northern Ireland.

"We see a great opportunity to further grow and develop our products in Northern Ireland, which will complement our Abbey Woods business in the Republic of Ireland and the business we do into Ireland from Leeds."

As of 1300 BST, James Latham shares were up 0.34% at 1,174.0p.

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