Redrow founder Morgan makes major investment in Outerspace
REDROW founder Steve Morgan has made a multi-million pound investment in a Wrexham firm that supplies luxury lodge and garden room firms.
Mr Morgan – who was raised in Rhyl – has used investment vehicle Bridgemere UK to take a stake in Outerspace Group.
The Wrexham-based a SIP (structural insulated panel) kit manufacturer supplies builders’ merchant giant Jewson. It expects to capitalise further on the growing garden room and luxury holiday lodge markets where they already supply customers across the UK.
The multi-million-pound deal sees Bridgemere taking a major stake in the business alongside founders Phil Jackson and Simon Lead.
The expansion to the business will include the relocation to a brand new 25,000sq ft manufacturing facility to support the company’s ambitions to become the UK’s largest supplier of SIP panel building kits.
Phil Jackson, chief executive of
Outerspace, said: “We are delighted to have Bridgemere UK on board as investors and partners. We are now able to fast-track our growth plans to create even more local jobs. The investment will allow us to significantly increase production levels and offer our customers a much wider range of building material choices at competitive prices.”
Will Heath, chief executive of Bridgemere, said: “Bridgemere is delighted to be able to support Phil and Simon by investing in Outerspace and we are committed to the significant growth plans for the business to become a major force in this fastdeveloping sector.”
Daniel Hall, corporate partner with Eversheds Sutherland said: “We were delighted to be able to continue our relationship with the Bridgemere Group by working on this exciting new investment in Outerspace Group.”
Richard Burnett, commercial director at HM Legal who acted for Outerspace Group, said: “We have seen Phil and the team take the seed of a concept and through hard work and sheer determination, create an innovative, rapidly growing business that is destined to continue to flourish following the Bridgemere UK investment. We are proud to provide strategic, legal support to this local SME success story and help secure their extensive new manufacturing premises that will underpin that growth.”