Exeter-based Ridgespear group sold to Genuit Group plc

Jobs in Exeter have been saved by the sale of a technology and manufacturing business specialising in underfloor heating.

Ridgespear Ltd develops and manufactures products for well-known brands in the building materials market. Its manufacturing hub in Exeter produces over 150,000 square metres of underfloor heating product per month for use in domestic and commercial properties throughout the UK and Europe.

The Ridgespear group includes the Omnie and Timoleon brands. It employs 61 people in Exeter and a further 29 at its factory and design facility in Lomza, Poland.

In recent times, Ridgespear had faced growing financial pressure as a result of rising costs and a subdued construction market.

Lucinda Coleman and Stephen Hobson, of PKF Francis Clark, were appointed joint administrators of the Ridgespear group of companies on 6 August 2024. On appointment, the administrators sold the businesses to Genuit Group Plc.

We’re pleased to have concluded the sale of the group following an accelerated marketing campaign, which has saved local jobs and is expected to result in a return to secured and preferential creditors.

Joe Vorih, CEO of Genuit Group, said: “The acquisition of the Ridgespear business, including the Omnie and Timoleon brands, represents a compelling opportunity for Genuit and aligns with our Sustainable Solutions for Growth strategy. The business complements our overall offering within our Climate Management Solutions business. It will play a key role in our growth plans as the construction market recovers from the current downturn and as we benefit from sustainability-linked growth drivers over the next few years.”

Lucinda Coleman, partner and head of the restructuring team at PKF Francis Clark, said: “Ridgespear has a skilled workforce, well-known brands and an excellent reputation in the industry for its product range. However, the group has faced operational challenges including rising costs in recent years.

“We’re pleased to have concluded the sale of the group following an accelerated marketing campaign, which has saved local jobs and is expected to result in a return to secured and preferential creditors. Ridgespear complements Genuit’s portfolio of leading brands and there is a strong cultural fit between the two groups.”

Legal advice to the administrators was provided by Charlotte Duce and Lee Sennett, of Shoosmiths.

Find out more about PKF Francis Clark’s business recovery experts.