Titan construction of France Saint-Gobain building case for sale Jewson | Business newsletter
Jewson, one of Britain’s biggest building merchants, is up for sale, paving the way for a change of ownership after more than two decades of French ownership.
Sky News has learned that Compagnie de Saint-Gobain, the Paris-listed conglomerate, has hired investment bankers from JP Morgan to explore a UK business sale.
Jewson, which operates from 400 branches and employs about 6,000 employees, is one of the industry’s best-known names.
It was founded in 1836 and offers brick and timber, as well as specialized tool rental, landscaping and roofing services.
The valuation that Jewson could solicit in a sale was unclear on Wednesday, although a source close to the process suggested the business could be at a loss on an independent basis.
Saint-Gobain did not disclose financial or operating data to Jewson in its results.
The UK construction merchant has been owned by the French parent company since 2000, when Meyer International was acquired by Saint-Gobain in a deal worth just over £1 billion.
The Jewson sale will come at a time when industry data shows UK construction activity is tapering off, providing further evidence of a slowing economy.
Jewson competes with prominent names such as Travis Perkins, whose company is valued at £1.75 billion on the London Stock Exchange.
Saint-Gobain declined to comment on his plans for Jewson.