Stevenswood grows to 30 outlets with Truemans deal …Hepburn to retire
14th March 2017

Newly expanded trade counter group Stevenswood, has announced the acquisition of the £10million-sales Truemans chain, adding five more units to its existing 25 in the next step towards its goal of creating a national network of outlets across the UK.

The news comes less than four months after Stevenswood grew its predominantly Scottish chain from 15 units in an exchange deal with Polyframe Read Story. Both deals were backed by investment firm Cairngorm Capital, which also supported Polyframe’s MBO last July Read Story, its acquisition of the WB Group in October Read Story and its merger with the Customade Group three weeks ago Read Story.

Stevenswood said in a statement: “Strategically, this acquisition presented the perfect opportunity for further expansion, as the Truemans stores complete important gaps in Stevenswood’s presence in England”. The existing Trumans outlets are in Burnley, Doncaster, Sheffield and Crewe with a fifth due to open soon in Reading.

Truemans managing director, Joe Trueman, will join Stevenswood as Commercial Director. The new group will continue to be headquarted in Livingston. Now with 30 branches, its combined turnover will be in excess of £40m.

The acquisition also marks the decision by Stevenswood founder and Chief Executive Ron Hepburn to retire. He said: “The acquisition of Polyframe’s trade centres in November was the culmination of a 20-year ambition to grow my young business into the successful enterprise that it is today. This acquisition signals the next stage in the company’s future and the logical point for me to step aside.”

John Declerck, a Stevenswood non-executive director, will become Group Chief Executive. He is supported by Duncan Murray as Chief Operations Officer, Joe Trueman as Commercial Director, Nick Summers leading Stevenswood’s continued acquisition strategy and Murray McGarvie as Financial Director, and Jim Faulds as non-executive Chairman.