Grafton Group plc is a leading supplier to the construction industry in Britain and Ireland operating in merchanting, DIY retailing, and mortar manufacturing. It has over 580 locations and 9,800 employees. While the economic downturn impacted sales, Grafton has strengthened its position through restructuring and financial discipline. It aims to capitalize on opportunities from market recovery through its established brands and focus on low costs.
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We undertook a a detailed market demand forecast by areas and product type, Detailed analysis on consumer purchasing pattern, Analysis on overall competitive environment, Detailed information on competitor performance including sales, branding, pricing, channel mix and incentives, Key competitors’ COGS analysis, Strengths and weaknesses of each competitor group
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myBskool.com
Project Management: A Critical Examination of the PPARS ProjectOlivia Moran
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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Strategic mgmt grafton group plc
1. A Strategic Review Presented by Tracy Coloe G00217221 Tracy Larkin G00236691 Gillian Grealish G00209916 Justin Barry 10022161
2.
3. History 1909 - William Thomas Chadwick establishes Chadwick's Limited (Dublin) to supply cement and plaster. 1930 -William Chadwick acquired control of a small firm engaged in the manufacturing of concrete blocks and roof tiles. 1988 - The Group changes its name to Grafton Group plc and made its first UK acquisition, a small heating and plumbing business. 1998 –The Group has completed its 100th acquisition since 1998, averaging more than one per month. 1994-2005 – Grafton Group plc went from strength to strength, continuing its bolt-on acquisition strategy . 2005-Grafton completed the acquisition of Heiton Group plc.
4. Grafton Group PLC Today Heiton Buckley is the market leader in Building merchanting in Ireland Chadwick's is the 2nd largest builders and plumbers merchanting brand in Ireland, CPI Limited is a leading manufacturer of dry mortar in the Irish market. Woodies DIY holds the No.1 Market position in Ireland. UK based companies all hold strong market shares in there respective fields. Grafton Group has 582 trading locations across Ireland and the UK, employing approximately 9800 personnel.
5. Vision Building on strong positions in businesses serving the UK and Irish construction markets. Developing in other Irish markets. Growing outside Ireland in businesses with which the Grafton Group is familiar. http://www.graftonplc.com/strategy.html
6. Mission “Grafton’s mission is to build on its strong market positions in Merchanting, DIY Retailing and Mortar Manufacturing, to develop in related markets and to grow in businesses with which it is familiar.” http://www.graftonplc.com/strategy.html
7. Financial Position Group turnover to the end of October 2010 was €1.70 billion up marginally on the €1.69 billion recorded in the same period last year. Grafton reported an operating profit of €14.8m following an €8.3m loss a year earlier. The Group’s trading performance has made steady progress during the year Share price as at 1300hrs today was € 2.94.
8. Operations Structure Grafton Group top management is made up of a Board of Directors with nine members including an Executive Chairman, Michael Chadwick. It is Board policy that no individual or small group of individuals can dominate its decision making. Grafton's success depends on the exceptional contribution and commitment of its management and staff. The groups divisions across Ireland and the UK are that of: Merchanting DIY Retailing Manufacturing Builders Manufacturing Plumbers Manufacturing Mortar Manufacturing These divisions fall into the niche market of building/construction sector.
9. Chief Elements of Grafton’s Growth Strategy Growth through acquisition and organic development. Joint ventures and combining a range of competencies Continued group upgrades and cost reduction efforts Continuing looking at processes and restructuring the Groups so that they seek to identify areas in which the effectiveness of the Group may be improved especially in this current economic environment.
10. Chief Elements of Grafton Group Generic Strategy Grafton’s strategy is to build on its strong market positions and to grow in businesses with which its familiar. Grafton group do this by blending two types of generic competitive strategies, they aim to be a Best Cost Provider across its entire group, however due to it being in a niche market it is also a focused low cost strategy. Please see diagram on the next slide.
12. Short Term Operations Strategy; UK Turnover down 20 per cent to €1.34bn UK turnover stabilises in second half of 2009 as leading demand indicators have turned to a more positive outlook. Grafton group took action straight away to substantially reduce their cost base and integration benefits in their merchanting business, resulting in the expectation of modest like for like growth returns to a number of UK activities. They have even opened 10 new branches in the retail/DIY sector UK accounts for 68 per cent of total sales
13. Short Term Operations Strategy; Ireland: Turnover down 35 per cent to €638m Rate of sales decline has started to moderate but no real growth expected until mid 2011 especially in the production side of the Groups business. Grafton's Groups strategy in Ireland is to significantly continue with reducing their cost base and continue with an active management with their strong brand portfolio. Restructuring positions merchanting network for return to profitability The Sharp fall in DIY volumes mitigated by improved operational efficiencies the anticipated recovery presents the Group's Retail and DIY businesses will have more of a chance for medium term growth opportunities
15. Porter’s Five Forces Rivalry: Strong There are many firms in this industry and all becoming increasingly competitive in order to survive. All producers and suppliers in this sector are supplying the same basic product because of the niche market. Cost and quality is an important factor in retaining customers. However customers are more willing to shop around for best price therefore all organisations especially across the construction sector are becoming increasingly competitive to survive. To differentiate their group they have acquired recognised leading brands to develop the organisation and continued with their best cost provider strategy.
16. Porter’s Five Forces Suppliers – Low Suppliers have poor bargaining powers in the current economic environment and the Grafton group are also in the retail sector where in certain cases they can actually supply there own subsidiaries within their group at a lower cost. Suppliers in this industry however are not concentrated. They act as separate groups competing for the same project through the bid system (aka Tender Process) that is prevalent construction contract work. Energy prices can fluctuate, and these costs are generally passed onto end customers.
17. Porter’s Five Forces Buyer (Customers) power –Strong Customers have strong buying powers in the current economic environmentas they have more bargaining leverage. Many similar industries in the market all willing to compete. Substitutes : Low due to the nature of the Niche Market Technically because of the niche market Grafton group is in, there is actually a lack of substitutes of products or services because of the highly technical industry that the Group works within.
18. Porter’s Five Forces New entrants: Low Grafton group operates in a highly technical sector therefore any new entrants entering into this sector would find it difficult especially as Grafton Group has a long standing name. New entrants would find it very difficult due to enormously high costs and experience, and knowledge of the sector and skilled employees is necessary Also currently the industry is over saturated in the sector in both the UK and Ireland New entrants would need to price extremely competitively and guarantee very good quality.
19. Driving Forces Generally the economy is not a fundamental driving force however due to today's Global economic environment it has impacted on the industry including the serious fiscal situation in both Ireland and UK. Technological innovation. Cost and efficiency changes especially in energy costs and government legislation . Buyer preference and loyalty has changed for more competitive products & services.
21. Strengths: A powerful growth strategy that's flexible and adaptive to current markets Ability to achieve low costs A competitively successful manufacturing and service related group with well established brands with high brand exposure. Broad product and service line Excellently managed company Financially strong and healthy Efficient & technologically innovative Good corporate social responsibility.
22. Weaknesses: Global economic downturn especially in the Construction Industry Sector. Volatile market environment and supply chain Financing and liquidity constraints, associated with current credit markets and banks. Increasing price wars between rivals competitors across all of its brands.
23. Opportunities: To move into new acquisitions in even more competitive areas of the sector. For Example: Moving towards more renewable energy projects which will open up more opportunities. The reliability, service ethic and value propositions of the Group's brands with trade customers enable the builders merchanting business to consolidate its market position. Developing close relationships with those communities where their stores or branches are located and through local management supporting a range of initiatives covering health, welfare, sport, education and community projects, they can build up a loyal customer base.
24. Threats: Increasing intensity of competitors as there are less and less available projects and lucrative opportunities Global recession as well extreme fiscal issues in both Ireland and UK. Has had an adverse impact on the whole industry. Fluctuation in currency exchange rates (especially the Euro & Sterling) Increase in energy costs Generally loyal customers in the past are now shopping around and willing to go elsewhere if the price is right or looking for better deals i.e. More for less
25. Sustaining Competitive Advantage in Current Environment The conservative approach to managing the Group's finances over the past two years has resulted in a €227.9 million reduction in net debt (41%) from €550.4 million to €322.5 million. Therefore Grafton Group maintains its position as one of the industry’s leading low-cost providers in both Ireland and UK. The Group faced the economic challenges from the past two years but as it was from a position of financial strength. Their focus during 2009/2010 was on reducing operating costs and on tight control of capital expenditure and working capital. The restructuring programme implemented was designed to position the overall branch network for a return to profitability
26. Recommendations The Group's strong businesses and financial strength position means it must remain cautious because of the uncertainties in external environment However continuing with a lower cost base and a more integrated merchanting business, it is well placed to benefit from its operating leverage as the markets recover. As mentioned moving towards renewable energy projects as current trends in the market appears that this is going to be where the future of this industry lies.