A major Fenland employer and one of the region’s most recognisable independent materials suppliers has been sold to construction giant Holcim, in a deal set to reshape the aggregates and ready mix market across the East of England.
Holcim UK has acquired P. J. Thory Limited, along with sister companies Gemmix Limited and Pro Minimix Limited, bringing some of the area’s best-known quarries, concrete plants and recycling operations under the umbrella of one of the world’s leading sustainable building materials groups.
The deal, completed this week, transfers a network of nine operational sites and around 130 employees into Holcim’s UK operations. The group’s headquarters in Coates, near Whittlesey, will now become a strategic base for Holcim as it expands further into the Midlands and East of England.
A major expansion into the East of England
The newly acquired sites stretch from Market Harborough, Northampton and Wellingborough across to Peterborough, Ely, Barnwell and St Ives, giving Holcim an expanded geographical footprint and greater access to critical sand and gravel reserves.
Holcim UK Chief Executive Officer Lee Sleight said the acquisition marked a “major step” in strengthening the company’s presence in the region.
“This is a major acquisition which gives us much greater coverage in the East of England, and I’m excited to be announcing the deal that will see the companies becoming part of Holcim in the UK,” he said.
Sleight added that the move aligns with Holcim’s long-term strategy of growth and investment in circular construction, an area in which the Thory group’s recycling and secondary aggregate operations are expected to play a significant role.
“It increases our ready mix concrete footprint, provides vital sand and gravel mineral reserves and bolsters our recycling offering as part of an ongoing drive to increase our circular construction materials,” he said.
A local business with deep roots
Established in 1965, P. J. Thory Ltd has grown from a small local haulier into what it describes as “the region’s largest supplier to the construction, agricultural and commercial industries”. From its Eldernell Lane base in the village of Coates, the firm has built a reputation for reliability, strong customer relationships and community presence.
Its operations now include aggregates supply, demolition and recycling, waste management, and a significant haulage fleet equipped with modern safety and tracking technology. The company offers a wide range of quarried and recycled products, including gravels, sands, limestones and certified sub-bases, alongside large-scale waste handling services such as muckaway, landfill and remediation.
Central to the business is its fleet of eight-wheel and articulated tipper lorries—many TASCC-registered—designed to serve both construction and agricultural supply chains. All vehicles are fitted with four-way cameras, automatic weighing systems and other safety features, operated by highly trained LGV drivers.
This breadth of services, coupled with the company’s long-standing emphasis on investing in equipment and infrastructure, has been cited as a key reason for Holcim’s interest.
A resilient performer in a challenging year
According to recently published annual accounts, P. J. Thory Limited recorded a turnover of £22.18 million for the financial year ending March 2024—a 7.6% fall compared with the previous year, as market conditions across the construction sector remained subdued.
Despite the dip in revenue, the company managed to increase its gross profit margin from 15.5% to 17.1%, while also raising EBITDA from £2.29m to £2.41m, reflecting a focus on operational efficiency and investment in fleet and plant.
Operating profit stood at £708,061, slightly down on the previous year, while profit after tax fell to £139,179, a reduction attributed largely to higher interest and tax charges. The company also paid £340,000 in dividends to shareholders during the year.
Directors said they were satisfied with the performance given economic conditions, highlighting the strengthened asset base and strategic acquisitions completed shortly after the financial year-end. These included three new quarries—Earls Barton, Watlington and Ringstead—as well as five concrete plants now operated within the wider group.
The independent auditors, Whitings LLP, issued an unqualified opinion, confirming the business remains financially sound with no concerns about its ability to continue trading.
Leadership welcomes new chapter
The acquisition ends almost 60 years of independent ownership under the Thory family. Managing Director James Thory, speaking on behalf of the holding company that owned the three businesses, said the purchase by Holcim marks the beginning of a new growth phase.
“We’re really looking forward to taking the business forward with Holcim UK and harnessing its expertise and networks,” he said.
Thory emphasised the benefits of joining a global company known for its commitments to sustainability, recycling and reducing the environmental impact of construction materials.
“It is really beneficial to be part of a leading UK and global company which has a clearly articulated vision for circularity and sustainability,” he added.
Impact on jobs and local economy
With an average of 101 employees on its books during the past financial year—and around 130 across the wider group—P. J. Thory has long been a significant local employer, providing roles in management, driving, quarry operations, administration, and sales.
Holcim has made no announcements about changes to staffing, and industry observers say acquisitions of this type typically prioritise continuity to protect operational knowledge and maintain customer relationships.
The company’s activities feed directly into regional infrastructure and housebuilding projects, while its network of quarries and recycling sites helps to ensure a stable local supply of essential materials. Local contractors and authorities may benefit from the increased scale, investment capacity and technical expertise that comes with being part of Holcim’s global organisation.
A deal that reshapes the regional landscape
The acquisition is one of the most significant in the local construction materials market for years, bringing a long-established independent operator under the control of a multinational with substantial financial resources and a strong sustainability agenda.
For Peterborough and the surrounding region, it marks the end of an era of independent ownership—but also the beginning of what both parties describe as a period of opportunity, investment and strategic expansion.
With demand for construction materials expected to rise as national infrastructure projects gather pace, Holcim’s move to secure additional reserves, recycling capacity and concrete plants appears well-timed. For the former Thory businesses, the partnership offers the prospect of further growth after decades of steady development.
As the dust settles on the acquisition, customers and local residents will watch with interest to see how one of the region’s best-known companies evolves under its new ownership—and how Holcim’s ambitions play out across the East of England.
A leading supplier of sustainable building solutions, Holcim has completed the acquisition of P. J. Thory Limited, Gemmix Limited and Pro Minimix Limited.
