The deal was confirmed in a stock exchange announcement on Tuesday afternoon,

Marley will continue to be lead by its existing management team and will operate initially as a standalone division within the Marshalls group.

Martyn Coffey, Chief Executive of Marshalls, said:  “The acquisition of Marley represents a significant step towards achieving our strategic goal to become the UK’s leading manufacturer of products for the built environment.

“Marley is a highly profitable business with established market positions across UK RMI and new build housing.

“Much like Marshalls, its position is underpinned by a track record of product quality and customer service, and we believe Marley will represent a strong cultural fit with our own business.

“We would like to welcome Marley’s management team and colleagues to the Marshalls family and look forward to working with them in the coming years.”

David Speakman, Chief Executive of Marley, added: “Marley is a robust business with a strong future ahead of it.

“As part of the Marshalls family, I believe we will be extremely well-positioned to continue our growth strategy to the benefit of our colleagues, customers and partners.”