A Northampton-based firm that employs 1,600 people across the country has floated on the London Stock Exchange.
Building products manufacturer Forterra, which has its head office in Grange Park, made the move after what it described as a “steady growth in the UK’s homebuilding industry”.
The firm is the UK’s second largest manufacturer of bricks and aircrete blocks and employs more than 1,600 people at 18 sites across the country.
To mark the official entry of Forterra plc on the London Stock Exchange, several senior representatives of the company attended an event on the trading floor in the capital.
Stephen Harrison, UK managing director of Forterra, said: “We are delighted to mark our entry to the London Stock Exchange, and are excited to welcome our new shareholders as we look forward to the next phase of our development as a FTSE listed company.”
About 95 percent of the company’s revenue comes from the UK’s residential market, with the remaining five percent attributed to commercial construction. Conservative estimates predict demand for bricks in the UK will increase at a rate of more than five percent per year as the homebuilding sector continues to grow in response to the country’s increasing population.
“The fundamentals of our industry are attractive,” continued Stephen, “and with our efficient manufacturing base, strong positions across all product categories, long-standing customer relationships, and significant scope for future capacity expansion, we are very well placed for the future.”
Forterra is the only manufacturer of the iconic Fletton brick, sold under the London Brick brand, which were used in the original construction of nearly a quarter of England’s existing housing stock, and also owns the Thermalite brand, the most popular brand of aircrete blocks produced and sold in the UK.