Housebuilding firm Glenveagh acquires Wicklow timber firm

Glenveagh indicated that the acquisition will help it focus on delivering homes mainly in Dublin and the surrounding area.

Irish housebuilding firm Glenveagh acquired Wicklow-based timber manufacturer Harmony Timber Solutions Limited with the aim of building increasing residential property building.

Glenveagh claims the deal will help it deliver 3,000 homes a year as Harmony creates 450 timber housing frames each year. The deal will also grow Glenveagh’s staff by 50 people.

“We have been investing prudently in taking greater control of our supply chain in recent years to help meet evolving customer needs and deliver quality, sustainable homes while controlling costs in the process,” said Glenveagh chief executive Stephen Garvey.

Inflation and supply chain pressures have inflamed a timber shortage issue construction workers have been battling since 2020. These issues are creating roadblocks to delivering a pent-up demand for construction works, say experts.

The deal was finalised for an undisclosed sum after after a five year working relationship with the two firms.

Glenveagh indicated that the acquisition will help it focus on delivering homes mainly in Dublin and the surrounding area.

This acquisition will give us three major facilities in key locations, all within an hour’s drive of Dublin and, more importantly, close to where we are building the communities in which our customers will make their homes,” said Mr Garvey.