Peter Buttle, managing director of independent timber and builders merchant Buttles has completed a management buyout (MBO) of the company.
Originally a manufacturer of piano parts, the company, which was founded by Mr Buttle’s grandfather in Kentish Town in 1919, developed into a joinery manufacturer, sawmill and timber merchant through to its present role.
Timber represents more than half of the business and Mr Buttle does not anticipate that changing much. ‘We have expertise in that field and it would be silly to lose it,’ he explained.
Mr Buttle felt that independent builders merchants had reached a crossroad. ‘I had to decide whether we had what it takes to grow or whether to give up the battle and sell up to one of the big boys as so many have done,’ he said. ‘I decided that Buttles does have what it takes to succeed.’
With sales up and costs down, Mr Buttle decided the time was right for an MBO and secured an agreement with his family shareholders to acquire the whole of the business. Next, he strengthened his management team, appointing former Jewson area director Phil Norton as operations director.
‘Phil has a 30-year track record in the industry, starting with Lockhart and Bennett, and climbing with each subsequent takeover through Tilling BTR, Graham Group and then Jewson,’ said Mr Buttle.
He said he now plans to develop the business through ‘personal service, committed staff and adapting products to customer needs at the kind of pace that big companies find difficult to match’.
‘We will focus on giving smaller merchants the competitive edge over their larger competitors,’ said Mr Norton.
Buttles has outlets in St Albans and Kentish Town but is looking to expand.
