Frank Key, the north Nottingham’s independent builders merchant, have bought Parker Severn Builders Merchants out of administration.
Parker Severn, a family-owned builders merchants has two branches, in Bulwell, Nottingham and Somercotes, Debryshire. They went into administration on Monday October 13 and NBG LLP partner Frank Key bought them on November 6.
Market conditions have been particularly tough within the construction sector, and the company, despite a 25 year history and strong local roots, could not continue to trade.
Frank Key plan to continue to operate both branches as they are for the time being, although there will probably be a rebranding exercise in due course. There is a good geographical fit between Parker Severn and Frank Key, with the latter’s head office in Daybrook, Nottingham. The acquisition will allow them to expand their area of operations and they plan to bring new product lines in.
The Frank Key Group have been around since 1907 and have expanded from a traditional builders merchant into other areas such as plant & tool hire, skip hire, timber, landscaping and kitchens & bathrooms. Parker Severn are more traditional builders merchants.
James Norton, finance director of Frank Key Group who led the acquisition says: “Parker Severn represents a fantastic opportunity for Frank Key to develop during these harsh economic times. We have known the company for a number of years and have been impressed with its trading record. We are particularly pleased to take on the loyal staff at each branch, we are impressed with them all and hope they remain Frank Key employees for many years to come”.
Robert Sansom, the chairman of Frank Key Group, adds: “We are proud add Parker Severn to the Frank Key family and we intend to develop it with the morals and virtues of the Frank Key brand. The two new branches will provide us with the opportunity to offer a genuine, quality alternative to the national merchants and the DIY chains for the trade and public alike.”