Wetherby, UK -- The Encon group of businesses, which includes a large insulation distribution operation, has changed ownership in a management buy-out from Wolseley UK, led by ceo Stuart Moore.
The MBO, which takes effect immediately, covers Encon Insulation, Nevill Long, Gill Insulation and PFC Corofil. Encon operate through a UK network of 24 locations, employing around 560 people. In the year ended 31 July 2011, its turnover was £194 million ($310 million).
Wolseley UK announced the potential sale of Encon 25 July, having decided that these activities did were no longer part of its core business.
"As the new owner of Encon, I believe we have an excellent opportunity to drive the business forward, and I truly believe we have an exciting journey ahead of us," said Moore, on completion of the buy-out.
Steve Ashmore, Wolseley UK's managing director, commented: "This decision has not been taken lightly as Encon is a sound and well-run business, but we believe it offers the best way forward for Encon and its employees under the leadership of Stuart Moore. It is also fully aligned to Wolseley UK's strategic objectives to focus on being the best merchants in our chosen core markets."
Moore has worked in various roles within Encon for 24 years, becoming managing director in 2008, and successfully guiding Encon through tricky market and economic conditions.
As well as EncEncon Insulation, a specialist distributor of insulation, interior building products, fire protection and roofing materials, the company includes Nevill Long, a specialist distributor of suspended ceilings, drywall and partitioning products for the Interior Fit Outs market, and PFC Corofil, a specialist manufacturer of passive fire-protection and intumescent firestop products.