Renowned London decorating and DIY company acquired for over £80m

London’s LSDM Limited (Leyland) has been acquired by Grafton Group plc, a merchanting and DIY group in Republic of Ireland, for £82.4m.

Leyland is the capital’s largest independent specialist decorators’ merchant. The company has been acquired on a debt-free, cash-free basis, and will be funded from the group’s cash and debt facilities.

Leyland is regarded as one of the most recognisable decorating and DIY brands in Central London. It sells paint, tools, ironmongery and accessories.

Gavin Slark, chief executive officer of Grafton, said: “The acquisition of Leyland SDM is a unique opportunity to acquire a leading brand with exceptional locations in Central London.

“[It] expands our presence in a resilient segment of the merchanting market located at the heart of one of the world’s leading cities.”

Leyland operates through a portfolio of stores, which have been built up over the last 30 years during its period of family ownership.

Its network of 21 convenience-led and predominantly high-street stores, are situated in some of London’s most prominent locations including King’s Road Chelsea, High Street Kensington, Shaftesbury Avenue, Victoria, Clerkenwell, and Notting Hill.

In the last two years, it has further expanded its footprint with four new stores opened in Battersea, Mile End, Clapham High Street and Putney as well as opening a new distribution centre at Wembley.

Leyland’s revenue and underlying EBITA was £47.8m and £7.3m respectively for the year ended December 31, 2017.

Gross assets are estimated at circa £10m at completion.