Ronez acquisition ‘a cornerstone deal’ says new owner SigmaRoc

THE new owner of Ronez is planning to base its head office in Guernsey or Jersey.

ronez
Guernsey management at Ronez meeting the company’s new owners at the Les Vardes site. Left to right are SigmaRoc CEO Max Vermorken, Ronez general manager Steve Roussel, SigmaRoc chairman David Barrett, Ronez’s Jersey-based managing director Mike Osborne and Ronez Guernsey director Tim Le Cras.

SigmaRoc, listed on London’s Aim market, plans to relocate its head office from London during 2017 following completion last week of the £45m. deal to buy the Ronez operations in Guernsey and Jersey from Aggregate Industries.

Both islands are potential targets for the new HQ, which would continue to act as head office while the business looks at further expansion in northern and western Europe.

‘We are looking to move to the islands sometime this year, wherever the facilities are best suited to accommodate us,’ said chief executive officer Max Vermorken while in Guernsey last week.

‘This is a legal process, it will have to go through the courts in the UK, but we are now starting that process.’

SigmaRoc, which has also secured backing from the local investment fund Bailiwick Investments, a move which has enthused company principals by securing local buy-in amounting to 13.4% of the business, is also intending to pursue a dual listing on the Channel Islands Securities Exchange.

Mr Vermorken described the acquisition of Ronez as a ‘cornerstone’ deal for the company’s ambitions.

‘We have ambitions to grow into a far larger entity than just Ronez. We now have a great cornerstone asset that will provide us with the platform from which to grow our business further while generating cash flow.

‘We believe the new independent ownership structure will allow the business to flourish and continue its long and impressive history.

‘SigmaRoc’s board looks forward to working with the Ronez management team to ensure a smooth ownership transition towards our new, successful joint history.’

Comments for: "Ronez acquisition ‘a cornerstone deal’ says new owner SigmaRoc"

Devil's Advocate

So, in reality this all about about some tax dodging! There's no other reason to move their HQ here where costs are higher than anywhere else.

Paul

So you have a problem with a company considering setting up here legally and contributing taxes and social security? basically then you are criticising every company that is registered in Guernsey that employ thousands of finance workers as well? Your offerings to replace all those millions is? No thought not.

Island Wide Voting

Devil's Advocate regularly betrays his occupation as a long serving Civil Servant

Spoon fed sheets of paper to shuffle around in a comfortable office probably since he left school.Not a clue how the world outside of his little bubble works

Civil Servants should be obliged to take a statutory break for a minimum of six months every five years to take up a position in a local business in order to bring them back to earth

Beanjar

Precisely. So many people in the airy fairy public sector think money just falls from the heavens. Why would they think any differently when the States has been showering them with our cash from an early age. Nothing more to worry about than how much their 'annual increment' will be and how much longer they need to hang on for their big fat padded pensions. Nobody ever gets sacked, the worst that could happen is a big fat redundancy package after 5 years fully paid sick leave.

Devil's Advocate

Wrong IWV, I just know a few Civil servants.

Devil's Advocate

Paul- yes, I am criticising all those finance companies because what they do is ethically wrong. Does the island benefit - probably. Do the countries which they've moved away from benefit - probably not. Do you approve of the way Starbucks, Google & Apple construct their businesses to avoid* tax?

*call it what you like, but that's what they're doing.

McTavish

What you *think* offshore finance companies do is ethically wrong. What they actually do is something different.

The irony is that none of the three companies you mention have actually needed to use an offshore financial centre for their tax "dodges" (as you put it) - they have been able to achieve their tiny tax bills through onshore locations within the EU such as Ireland and the Netherlands.

Paul

If you are so concerned about the ' ethical' origins of the vast majority of Guernsey's income why don't you and your buddies refuse your salaries/pensions/public services/transport links etc etc. By accepting any of the above you are putting a price on your ethics. As asked above your plan to replace the hundreds of millions generated by the finance industry here is what?

Nige

It's not about tax dodging DA

It's reducing your corporate tax liabilities, perfectly good business sense, which Guernsey PLC will benifit from.

Roger Irrelevant

Hopefully Locate Guernsey are on the case and will bring them here!

Nige

You'd like to think so Rodge, but after the compulsory feet dragging and general hand wringing, our lot are famous for, they'll end up in Jersey, due to cheaper, and more frequent, transport links to the UK

Beanjar

If they want to be headquartered here, and its all perfectly legal, then great. We should welcome them with open arms, hopefully even more open than Jersey's!

Devil's Advocate

But should we? Will they pay more in taxes and SS than they claim in benefits, pension, healthcare, education etc? Will they keep our housing market overheated?

McTavish

What a ridiculous, blinkered attitude.

If they are coming here to work in the capacity of senior executives what benefits exactly do you think they will be claiming?

Given that you need to pay in for a minimum of 10 years before you get even a fraction of the standard state pension I doubt that would be any sort of motivation. And if they are smart enough to be running a business they will most likely also be smart enough to know to take out private medical insurance before they get here.

Let's stop pretending we are doing businesses a favour by allowing them to move here.

Devil's Advocate

Benefits - probably none. Healthcare - probably lots.

Beanjar

Yes, we definitely should. If this was a bunch of penniless economic migrants wanting to come here I expect you would be rolling out the red carpet. And without a care about any impact on the local population. But then that would fit right in with your tired old lefty agenda, wouldn't it?

Devil's Advocate

Guernsey is full - I'm not in favour of any population increase at all.

Beanjar

Well its not full of people developing businesses or creating wealth within Guernsey, is it? Unless we want to disappear down the plughole we need this, and a lot more like it.