The Performance Window Group (PWG) has acquired fast-growing engineered timber window company TimberWindows.com for an undisclosed sum.
The move, announced today, will take the group’s combined turnover to £20m and around 200 employees in the UK. PWG has simultaneously increased its capital base by teaming up with London investment company Graphite Capital.
It is another step in PWG’s ambition of building a substantial and diverse timber fenestration group of well recognised brands in the UK. It already owns Tiptree-based Mumford & Wood and Clearwood UK, Redruth.
Oxford-based TimberWindows.com is an internet-based model which has manufacturing operations in Poland and Latvia, selling through installers in the UK. Sales in 2008 were up nearly 60% to £6m.
“The investment, in the midst of a downturn and a housing crisis, is strong evidence of the confidence we, as investors, have in our business model and the timber window renaissance across the UK,” said PWG chairman and chief executive Roy Wakeman.
“TimberWindows.com has pioneered a highly successful online business model and a new product category in the domestic retail market. It’s engineered timber window and door system has created new selling opportunities for timber, which is fast regaining market share.”
TimberWindows.com managing director Chris Brunsdon described 2008 as a watershed for the company, with sales soaring despite the general economic decline and housing market collapse.
“If the product is right, homeowners will buy. The acquisition will allow us to continue investing and funding our growth to meet the demand.”
