A MAJOR stake in Narberth-based quarrying group Gerald D Harries (GDH) has been acquired by a large construction materials group.

Construction materials group SigmaRoc PLC has acquired a 40 per cent equity interest in GDH, and says it intends to acquire the remaining 60 per cent share by mid-2020.

GDH is one of Wales’ largest independent suppliers of aggregates, operating out of six granite and limestone quarries – incorporating three asphalt plants. six concrete plants, and a wharf operation, as well as a civil engineering division.

The business was founded by Gerald D Harries and built on by his son Ian Harries, who will continue as chairman of GDH.

In recent years GDH has averaged revenues of approximately £23.4m, SigmaRoc says, and held assets with a book value of approximately £26m at the end of 2017, including approximately 80m tonnes of reserves and resources, sufficient for an approximated 100 years of quarrying.

Following the acquisition, David Barrett and David McClelland will join the GDH board, alongside Ian Harries and Janet Philips.

GDH Chairman Ian Harries said: “Having been approached by several companies to buy the business - Sigmaroc was the only one we engaged with directly due to their business ethos and commitment to our workforce which has over the years been a key factor in driving the business forward.

“We are very excited to by SigmaRoc’s investment in us which will allow us to continue the growth of the business into the future, creating job opportunities and continuing to serve our longstanding customers and the strength and depths of Sigma will enable us to drive our business further for which the process has already commenced."