Lords Group secures future of CMO workers with £1.8 million acquisition

In a significant development within the construction industry, Lords Group, a London-listed building materials firm, has successfully acquired CMO, an online rival, for approximately £1.8 million following a pre-pack administration process. This acquisition is set to secure the jobs of around 120 employees at CMO, which is based in Plymouth. However, it is important to note that the deal does not encompass CMO's Tiles business, which remains outside the acquisition's scope. Dean Murray, the chief executive of CMO, expressed pride in the accomplishments of his team and excitement for the next chapter as part of the Lords Group. Shanker Patel, the CEO of Lords, remarked on the potential benefits of combining traditional merchanting strengths with CMO's established digital platform. The acquisition is expected to enhance customer reach and product offerings. The move follows challenging circumstances for CMO and reflects Lords Group's strategic alignment with the growing importance of digital capabilities in the building materials market. This partnership is designed to integrate CMO into the broader vision of Lords, ensuring a robust future for its workforce while expanding the company's reach and service offerings in the evolving construction landscape. As the industry faces numerous challenges, including increased competition and the demand for innovative solutions, this acquisition positions both firms to capitalize on emerging opportunities. The commitment to conducting a respectful transition for all affected parties reflects the ethics and responsibilities involved in such business dealings and sets a promising precedent for future collaborations within the sector.