Stokes Paints, the century old Sheffield paint manufacturer has been acquired by Aberdeen-based competitor, Spencer Coatings for £5 million.
The deal doesn’t include sister company Stokes Tiles, parent group RJ Stokes and Stokes Paints’ retail outlet on Little London Road, which will continues to be based in Sheffield and run by the Stokes family.
Stokes Paints managing director James Stokes who will remain with the paints business, said: “Strategically, the two companies are a fantastic fit and it is a great opportunity.
“We are already expanding and taking on more people.
The deal makes Spencer the UK’s largest independent coatings manufacturer, with a turnover in excess of £16 million.
Stokes Paints’ manufacturing facility, which moved from Sheffield to Huthwaite, Nottinghamshire some years ago, will become Spencer’s primary production hub and main research and development centre.
Spencer’s corporate headquarters will continue to be based in Aberdeen, which is also home to its Scottish and North Sea sales and technical services departments.
Stokes Paints is the largest supplier of products to protect the UK’s electricity pylons from corrosion, which is crucial to maintaining efficient distribution of electricity around the country.
Spencer Coatings, which is part of UK energy sector business development organisation, NOF Energy, is a key supplier of protective coatings for use on oil and gas structures in the North Sea and in other important regions around the world.
Many UK and overseas companies use Spencer and Stokes specialist products for protection against corrosion, fire and abrasion as well as to add colour to their products.
Spencer Coatings managing director Philip Buck said: “This acquisition brings together two companies that complement each other in technologies, market sectors and geographical spread.
“Stokes has been a respected name in the industry for many years and, combined with our 100 year history, will continue their traditions of high quality and effective products.”
n The Stokes business was founded in 1899, when Robert James Stokes opened a shop selling paint in Sheffield.
Robert’s brothers and other family members joined the business, which grew and began making paint in the 1920s.
The company started selling wallpaper and then tiles before developing into two separate businesses – one focusing on paint and the other on tiles and associated materials.