A Livingston-based supplier of windows and doors is set to open 12 new trade centres across the UK, adding 50 staff and boosting its turnover by £10 million.
Stevenswood, which has enjoyed “significant” growth since being acquired by specialist private equity house Cairngorm Capital in November 2016, is stretching its geographic footprint as it expands its range of products and services across the country.
The 2016 deal provided an injection of capital and saw it merge with trade-suppliers Polyframe Trade Centres, Sameday Trade Frames and Truemans, and organically add five trade centres to its portfolio last year.
It now generates turnover of more than £35m, and has a portfolio of 38 trade centres across the UK and 180 staff, saying it represents one of the largest windows distributors in the country.
After a short period of infrastructure and system consolidation, which will act as the “backbone” for organic growth, the medium-term aim is to double the number of trade counters across the UK.
The growth programme will be led by managing director Joe Trueman – appointed in 2017 following the Truemans acquisition.
The MD said: “In the past year, we’ve continued to fine-tune the business, expanding the product range available to our customers and creating the platform for future growth by investing in our infrastructure and systems. Going forward, our strategy will shift towards organic branch opening,” with most branches expected to open in the south of England.
“We will be looking to take on an additional 50 staff to help manage and operate these centres. In addition, we will be looking to expand the range of services we provide our trade customers, using technology to make it easier to buy and collect our products. We have ambitious growth plans… we look forward to continuing to grow our geographic footprint, providing more jobs and access to our products across the whole of the UK.”
Neil McGill, MD of Cairngorm Capital and Stevenswood board member, added that the West Lothian firm has become a major player in its field. “As the sector continues to consolidate, there has been a shift away from independent integrated fabricator/installers towards specialist distribution companies that can provide trade customers with access to a full range of quality products at attractive pricing. We expect this trend to continue, and believe that Stevenswood, under the leadership of Joe Trueman, is perfectly positioned to capitalise.
“Cairngorm Capital will continue to work with Stevenswood to help support growth by complementing the existing leadership team with our own network of industry experts.”