As published in our April 2026 edition, PBM goes behind the numbers to look at the factors underpinning the performance of the UK merchant sector’s largest businesses during 2025.
It will come as no surprise to anyone to say this has been another tough year for the merchant sector. National Timber Group’s collapse into administration sees the brand disappear from our latest countdown (though several sites have subsequently been acquired by our number), whilst the wider economic malaise has been felt across the board — and by some more than others.
Delving into our submissions and the latest published account data, higher operating costs and reduced profits are a near universal feature. Indeed, the impact of inflated costs for construction materials is a common refrain while an emphasis on efficiencies has seen stories of reduced headcounts and branch closures.
However, it is far from doom and gloom, as ‘efficiencies’ are also shown to translate into innovation, investment in EDI systems, processes and people — training and apprenticeships programmes are cited frequently — whilst a proactive approach to organisational structures and operations demonstrates that many of our leading merchant businesses are adapting their models to meet the changing trading environment head on. For several, this is under new leadership.
Branch investment programmes have continued, from full overhauls to energy-efficient upgrades including solar panels, LED lighting and electric forklifts, with a number ending old leasehold arrangements to move these branches into fully owned sites. Yet again, there is more movement into developing in-branch ‘sustainability centres’ and a greater emphasis on renewables, and digital investment has inevitably continued with, for example, more now offering ‘click & collect’ services.
Here, we take a closer look at the stories behind the numbers…
*** NB: Click here for an enlarged version of the Top 20 graphic ***
1: Travis Perkins plc
2025 turnover = £4,565m (2024 = £4,607m)
1,317 branches (inc. Toolstation UK outlets only) (1,311 in 2024)
Travis Perkins plc once again sits top of the list, with its published figures covering its general merchanting arm, Toolstation and its ‘specialist merchant’ businesses off BSS, CCF, Keyline and TF Solutions which now sit together within a recently-established operating structure.
At the turn of the year, Gavin Slark officially joined the Board as Group CEO following the announcement of his appointment last year.
Travis Perkins 2025 Annual Report
2: Stark Building Materials UK
2025 turnover = c.£2,130m (2024 = c.£2,120m)
520 branches (c.550 in 2024)
Figures show year end to 31.7.25.
Stark Building Materials UK reports that it “made strong progress in its turnaround plan” through the continued rollout of its ‘Branch of the Future’ concept at locations including Jewson Luton and its first distribution hub at the newly refurbished Craigentinny branch in Edinburgh. While on a superficial level, the new or fully revamped sites look impressive, the deeper strategy involves building a stronger, more efficient network by “consolidating loss-making and sub-scale branches into larger ones, while closing and divesting others to free up capital for platform transformation.”
On a like-for-like basis, the business says it “delivered market share gains, higher Net Promoter Scores, net sales growth and improved profitability in its second turnaround year.”
Stark Group 2025 Annual Report
3: Wolseley UK
2025 turnover = £2,119m (UK only) (2024 = £2,077m)
642 branches (UK only) (641 in 2024)
Figures show year end 31.7.25
“Designed to support heating professionals thrive in the fast-changing renewables market,” Wolseley UK launched the Renewables Centre concept as a partner brand for Plumb Centre that “combines accredited training, MCS-certified design, installation support, and access to high-quality renewable products, all in one place.”
Two specialist fulfilment centres — the “transformation” of its existing distribution centre in Measham plus a new location in Darlington — have been opened, whilst the firm has also announced “a refreshed UK operating structure… to better meet the needs of its customers across its core markets.”
Wolseley Group Holdings 2025 Annual Report
4: Highbourne Group
2025 turnover = £1,400m (2024 = £1,400m)
350+ branches (350+ in 2024)
Highbourne Group created a network of solar hubs across England and Scotland through City plumbing branches in addition to launching the ElecStore brand, encompassing 35 dedicated electrical trade counters across the UK. The network saw further investment in its Bathroom Showroom brand.
Subsequent to the publication of the PBM April issue, CEO Dave Evans confirmed that he is leaving the business.
5: Huws Gray
2025 turnover = £1,330m estimated (2024 = £1,350m)
324 branches (330 in 2024)
Huws Gray unveiled its “refreshed visual identity” with the roll-out continuing across its branch network, digital platforms, vehicle and — in a very smart sponsorship opportunity — prominently appearing on the kit of match officials across the Premier League and EFL.
An “extensive upgrade” of its Grangemouth Timber depot was completed in addition to taking over the former NTG site in Ayr.
6: MKM Building Supplies
2025 turnover = £1,130m (2024 = £1,020m)
135 branches at year end (130 in 2024)
New branches in Bangor, Bridgend, Cheltenham, Plymouth and Wolverhampton were on the agenda for MKM last year — and the firm has already opened eight new sites in 2026 so far.
7: UK Plumbing Supplies
Latest recorded turnover = £834m (prior year = £803m)
300+ branches
Figures show year end 31.12.24
8: Grafton UK Distribution
2025 turnover = £774.9m (2024 = £780.8m)
134 branches (134 in 2024)
Grafton Group plc noted that “targeted commercial actions, including securing enhanced supplier support and, for example, introducing delivery charges in Selco, more than offset significant cost pressures, particularly those arising from higher labour and property related expenses.”
Towards the end of the year, Selco “initiated headline price cuts across 357 of its most frequently purchased building materials to improve its value proposition” whilst Grafton’s Leyland SDM brand opened its 36th store in December.
Grafton Group 2025 Annual Report
9: Independent Builders Merchant Group (IBMG)
Latest recorded turnover = £592.4m (prior year = £621.7m)
Figures show year end 31.12.24
Approx. 149 branches (177 in 2024)
After a testing year, IBMG retains ninth place. Approved in July, substantial restructuring plans — alongside the closure or sale of around 30 branches — are said to have “recapitalised the Group, materially strengthened the balance sheet and delivered a significant reduction in financial indebtedness.”
Under the proposals, senior lenders Ares and Farallon became the new shareholders, taking control from Cairngorm Capital. In January 2026, Matthew Parker was confirmed as the new CEO.
10: Lords Group Trading
2025 turnover = £473m (2024 = £436m)
51 branches (48 in 2024)
Lords Group Trading acquired “online builders’ merchant” CMO in June 2025 and also added new branches opened in Aylesford, Bicester & Mansfield. 2026 will see it maintain its ongoing strategy of organic growth and appropriate M&A along with looking to “control the controllables — margin, costs and working capital.”
11: Bradfords Building Supplies
2025 turnover = £226m (2024 = £219m)
47 branches (47 in 2024)
2025 saw the opening of Bradfords’ Barnstaple facility on the 31st March, operating as both a builders’ and P&H merchant. The merchant has plans for the Barnstaple P&H implant to move to a new standalone site, whilst further standalone P&H branches are also planned during 2026.
The business reports it will also be refurbishing a number of existing sites, particularly in Cornwall where it will introduce tool hire into three branches.
12: EH Smith
2025 turnover = £167.2m (2024 = £152.6m)
14 branches (14 in 2024)
A highlight of 2025 for the business was the opening of the EH Smith Design Centre in Digbeth, “the heart of Birmingham’s regeneration area.” With reportedly the largest brick display in Europe, the facility will act as “an innovation hub for architects, contractors, developers etc to work collaboratively.”
This year, EH Smith Builders Merchants plans to “strengthen its reputation as a service-led merchant, supporting our customers with expert guidance and specification advice. Backed by strong stock holding, we aim to help in a challenging market through reliability, expertise, and service.”
The firm also recently announced an updated leadership structure to support its long-term growth.
13: Haldane Group
Latest recorded turnover = £165m (prior year = £165.2m)
23 branches (22 in 2024)
Figures show year end 31.12.24
14: Lawsons
2025 turnover = £164.3m (2024 = £163.3m)
35 branches (35 in 2024)
Figures show year end 30.6.25
Looking ahead, Lawsons states that “the group will continue to make strategic acquisitions of aligned businesses as well as improve the existing estate through investment in acquiring site extensions, plant and equipment.”
15: Howarth Timber & Building Supplies
2025 turnover = £148m (2024/25 = £142.4m)
37 branches (37 in 2024)
Estimate to year end 31.3.26
In 2025, Howarth completed the acquisition of Lavers Sunderland branch.
16: JT Atkinson
2025 turnover = £137.9m (2024 = £136m)
37 branches (37 in 2024)
Looking across 2026, JT Atkinson will “continue to expand the business, investing in our timber engineering business, widening our manufacturing range to include roof trusses as well as opening four new branches in Carlisle, Skipton, Ponteland and Pocklington.”
17: James Hargreaves
Latest recorded turnover = £131.2m (prior year = £132.4m)
74 branches (73 in 2024)
Figures show year end 31.12.24
During 2025, James Hargreaves continued to invest in sustainable and renewable solutions, extending the number of its Sustainable Home Centres.
18: Williams Trade Only P&H Supplies
2025 turnover = £111m (2024 = £115.5m)
48 branches (53 in 2024)
Williams reported: “In 2026 we have plans to continue to improve our industry leading service to trade customers. The focus will be on improving user experience in whichever channel interactions take place. There will be a strong digital focus throughout the year which will underpin this. In addition, we will further enhance our contracts and large projects business.”
19: Elliotts
2025 turnover = £101.9m (2024 = £94.2m)
15 branches (13 in 2024)
Elliotts acquired New Forest Hire and Timbco in 2025.
2o: James Burrell
2025 turnover = £96m (2024 = £96m)
9 branches (10 in 2024)
James Burrell reported: “As we continue integrating our new computer system, we are introducing a more advanced electronic approach to managing the logistics side of our business. At the same time, we are investing further in our digital offering to customers, ensuring we continuously improve our service levels and expand our product ranges.
“We are also progressing with improvements across our branches to enhance both the customer and staff experience.
“Looking ahead, we are beginning preparations for 2027, when we will proudly celebrate our 150th anniversary which is a remarkable milestone and a significant achievement in today’s business environment.”
Operating at a very similar level to our threshold are the likes of Covers Timber & Builders Merchants, LBS, JT Dove, Joseph Parr Group and Sydenhams.
Covers, for example, told us: “With a challenging economic background in 2025, and 2026 looking to be similar, Covers will continue to seek new markets, train and develop our staff to differentiate further from the competition and improve the services to our customers in depot and online.”
Sydenhams, meanwhile, said that while it did not acquire any new branches in 2025, it “remains poised to take advantage when the right opportunities present.” The company enhanced the Timber Engineering side of its business by obtaining BOPAS accreditation which has enabled it to work on a project for the Duchy of Cornwall, building low carbon homes from sustainable materials, and a development that aligns with its goals to reduce its environmental footprint.
During 2026, Sydenhams is “working towards increasing efficiencies with a project to move our ERP, enabling us to improve our operational and technological offerings. The market continues to be a challenge, and it is difficult to see where the growth will come from this year, however Sydenhams will continue to provide excellent service and aim to seek acquisition opportunities should the right sites present themselves.”
We are extremely grateful for the support of the sector in compiling this industry barometer.
Industry affiliations / buying group membership:
BMF (20) — All
NMBS (14) — All except TP, STARK Building Materials UK, Wolseley UK, Highbourne Group, Huws Gray & Grafton Group
Fortis (8) — Lords, EH Smith, Haldane Group, Lawsons, Howarth Timber & Building Supplies, JT Atkinson, Elliotts, James Burrell
PHG (4) — Lords, Bradfords, James Hargreaves, Williams
Source: Figures are compiled via forecasted information supplied by each company, latest published account data (as indicated) and PBM estimates. Every effort is made to ensure the data presented is accurate but PBM cannot be held liable for any errors or omissions.
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