Kingspan, the Cavan-based building products group, has acquired the raised access flooring business of The Phoenix Timber Group, a British plc, for £4.84 million sterling (€7.4 million) cash. The consideration is subject to a final adjustment on the value of stock but this is not expected to change the estimated total by more than £400,000.

Mr Dermot Mulvihill, group finance director, said the business, rather than the company, was being purchased because the vendor wanted to finish the contracts in progress. It is being purchased through Flooring Services Group (FSG), a wholly owned subsidiary of Kingspan. The business previously operated as Durabella and this name is to be reinstated, as FSG will shortly change its name to Durabella Systems Floors.

Durabella Ltd recorded sale of £22.56 million and profit before tax of £279,000 in the year ended March 31st 1999. Net assets being acquired amount to £1.84 million which puts the goodwill at £3 million.