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Granite Le Pelley Guernsey is now independently owned after a management-buy-out was completed on Bank Holiday Monday.
The formerly pan-island company which was owned by the Garenne Group announced the Guernsey side of the business is under new ownership in a statement released to Express this morning (Tuesday 11 April).
It said “we are pleased to announce that Granite Le Pelley Guernsey is now an independent trading company after completing a management buy-out on Monday 10 April. The company will continue to be lead by Managing Director Richard Breban (pictured inset top) and newly appointed Director Jack Lunn".
The firm has also thanked its employees and clients for "their continued support" throughout the recent difficulties.
The firm was launched 40 years ago and Mr Breban and Mr Lunn said they are now looking forward to planning the business' moves to take it forward into the next four decades too.
Above: The statement shared with Express by the management team at Granite Le Pelley Ltd.
Granite Le Pelley was one of the local businesses caught up in the collapse of the Garenne Group - which went into liquidation at the very end of March following a number of challenging situations for some of the numerous firms it owned.
The 'stone masons and natural stone specialists' was the largest stone company across the Channel Islands when it was run as one business across Guernsey and Jersey.
Established in 1982, the firm previously specialised in "the design and detailing, procurement, installation and maintenance of all stone for private, commercial and public buildings" - that work is expected to continue uninterrupted in Guernsey led by Mr Breban and Mr Lunn.
In a separate deal, the Jersey arm of Granite Le Pelley has been bought by Stuart Wright, a property developer in the island.
Pictured: The Garenne Group was placed into liquidation at the very end of March.
The Garenne Group went into liquidation soon after its Jersey based building firm Camerons went bust earlier this year.
The collapse of Garenne forced Rabeys Garage in Guernsey into liquidation with no buyer thought to have come forward since that was announced last week.
By contrast, other Garenne owned businesses have either been saved or had already left the Group.
Geomarine was subject to a management-buy-out in January, with AFM expected to confirm its own arrangements this week too.
RG Falla - seen by some as the flagship brand of the Garenne Group in Guernsey - was sold off last year with the new owners looking to focus on small works as opposed to large civic projects as it has done previously.
Pictured: The Garenne Group website still lists the above as its owned entities.
Aside from Granite Le Pelley (now independently owned), AFM (awaiting management-buy-out), and Rabeys (in liquidation), all of the remaining businesses listed on the Garenne Group website as being within its portfolio of owned entities are based in the UK.
Garenne Natural Stone, Garenne Shopfitting, Sterline Services, and GSRM all offer services to UK clients.
All are now in liquidation along with the Garenne Group itself.
Read more...
Major building contractor Camerons stops trading with immediate effect
Imminent Management Buyout at AFM
Management buyout moves closer
Garenne Group going into liquidation
Creditors of collapsed former Garenne firm to meet
RG Falla moves into 'small works'
Garenne Group donates thousands to PPBF
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