Marwyn Materials' message is we're still out there hunting

Marwyn Materials, a shell company oozing with money and created last year with the sole purpose of snaffling up building materials companies, has reported little activity in its first annual report.

There was a £740,000 pre-tax loss in the 12 months to 31 December 2008.

Marwyn told shareholders: “It is intended that it will acquire and manage companies and businesses in the UK and international building materials industry, as described in the Company's AIM admission document dated 6 June 2008.

“The directors' intention is to acquire controlling stakes in one or more quoted or unquoted profitable businesses or companies by way of a reverse takeover and to use these as a platform for further acquisitions.

“The company will need to raise additional funds for these purposes.”

The list of aspirations states:

• Geographic focus - Marwyn intends to focus on the UK, European and US building materials markets.
• Sector focus – Marwyn is looking for players in building material products.
• Target companies – “companies which are profitable” is the rule.

Ennstone, which flew the “For Sale” flag this year as its finances went into distress mode, failed to meet with Marwyn’s stated requirements.

Marwyn has £12m of funds already in its pockets and can lift that figure to £80m should suitable opportunities arrive.

Heading up the company are Peter Tom (previously with Aggregate Industries) and Simon Vivian (previously with Hanson and more recently Mowlem).