- Building materials company Grafton said it had acquired AVC, a UK manufacturer and distributor of bespoke wooden staircases trading as 'StairBox', for £44 million.

Under the terms of the deal, the company would pay £44 million on a cash and debt free basis including £4 million that was deferred until November 2022.

Founded in 1994, StairBox delivered staircase solutions directly to primarily trade customers operating in the residential repair, maintenance and improvement market across the UK.

StairBox reported revenue of £19.5 million and adjusted operating profit of £6.1 million for the year ended 31 March 2020.

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