Company exercises buy-back option to acquire high-PSV site in South Wales
HYGROVE Aggregates, part of the Hygrove Group, have completed the acquisition of Cwm Nant Lleici Quarry in Pontardawe, Swansea, for an undisclosed sum from Aggregate Industries.
The quarry has some of the highest-quality reserves in the UK and, according to Hygrove, is one of four sites in the country that can provide aggregates with a high polished stone value (PSV) of 68 or more.
This is not the first time the Swansea-based business has entered the premium aggregates market. Hygrove were previous owners and operators of Cwm Nant Lleici until 1995 when they sold the high-PSV quarry to a company that later became part of AI.
As part of the purchase deal, a buy-back option was agreed upon between the two parties and Hygrove have decided to activate the buy-back clause (after a period of 25 years) to reacquire Cwm Nant Lleici Quarry.
Ben Francis, director of Hygrove Group, commented: ‘We are absolutely delighted to be able to purchase Cwm Nant Lleici Quarry from Aggregate Industries, whom we have a great working relationship with. Securing a supply of high-PSV aggregates will allow us to grow successfully as a business and extend our reach into key new markets such as aggregates and ready-mixed, as well as strengthening our existing housebuilding and property development operations.’
Allister Williams, quarry manager for Hygrove Aggregates, added: ‘This is an exceptional investment for the company going forward. The quarry boasts high-PSV reserves of around 6.5 million tonnes and we are continually investing in new plant and equipment, infrastructure, and the local area by enhancing biodiversity in and around Cwm Nant Lleici, which will benefit the local community for years to come.
‘These are very exciting times for the business, and Ben [Francis], I and the rest of the team look forward to underlining our status as one of the leading construction materials suppliers in the South Wales region and beyond.’