Clacton firm J E Fuller taken over by Huws Gray Ridgeons
Long-established Clacton-on-Sea builders' merchants, J E Fuller, has been bought by the independent regional Huws Gray Ridgeons.
The firm was established, on its current site near the town's railway, in 1954 and outgoing director, Peter Fuller, has worked there since 1956.
Mr Fuller said Huws Gray Ridgeons officially took over running the business on 1 October 2019.
"The sale was handled very efficiently and professionally by the company's advisors MHA Larking Gowen and Fisher Jones Greenwood," he said.
"The Fuller family wish the new owners, Huws Gray Ridgeons, every success with the business."
Peter's son, Richard Fuller, who was a shareholder in the business, added, "My parents were directors in the company, and my dad has been working in the business for 63 years, so it was the right time for them to retire.
"We were very impressed with the service from MHA Larking Gowen. It was good, professional and efficient. They did well to make it go so smoothly."
MHA Larking Gowen Manager, Kate Baines, said, "Both parties were so professional and fair throughout the process. It made the transaction an absolute pleasure to manage.
"We achieved exactly what our clients were seeking. They have reported back since the deal completed that their business is definitely placed in the right hands to continue their legacy and future of the staff and company.”
MHA Larking Gowen was engaged to market the business for sale and identify and approach potential buyers. The firm prepared documentation and negotiated between both parties, as well as handling due diligence, providing tax advice and assisting the legal team in drafting paperwork.
Ian Northen, director of Huws Gray Ridgeons, said the buyout was part of an ambitious expansion project that began when Huws Gray bought Ridgeons last year.
"We are very excited about this and we believe in the potential of the business. We have already put in some investment and we intend to grow the business and support the people in that branch," he said.