S1
Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025
Location
Page 13
01
Business and ownership
Huws Gray Group supplies building products and related services through UK builders' merchant and retail businesses. Huws Gray Limited generated 98% of consolidated revenue in 2025, and the statutory accounts state that the group is held within Blackstone Capital Partners VIII.
02
Corporate structure
Echo Topco Limited is the immediate parent and holding company of Patagonia Holdco 3 Limited, and Echo Topco's board approves group strategic decisions. The group states that it transfers acquired trade and assets into Huws Gray Limited, makes the acquired subsidiary dormant and integrates the trading operations.
Ownership and control
03
Capital structure and liquidity
At 31 December 2025 the group reported £950.7 million of long-term external funding. Its facilities included a £650 million term loan due October 2028, a EUR 354 million term loan due December 2028, a £125 million committed RCF and a EUR 100 million non-recourse factoring facility due December 2027. The RCF was undrawn at year end, and the term loans were subject to group cross-guarantees. The accounts do not identify the individual guarantors.
The accounts describe the term loans as covenant-light. The maintenance test is triggered at quarter end only when RCF drawings, net of cash, reach at least £50 million.
Debt instruments
| Instrument | Principal | Maturity | Terms | Seniority / status |
|---|---|---|---|---|
| GBP term loan facilityTerm Loan | GBP 650m | 31 Oct 2028 | SONIA + 5.25%; margin is subject to a gearing test and will fall if Group gearing is reduced. | Current |
| EUR term loan facilityTerm Loan | EUR 354m | 31 Dec 2028 | EURIBOR + 4.0%; margin is subject to a gearing test and will fall if Group gearing is reduced. | Current |
| Non-recourse debt factoring facilityAsset Backed Facility | EUR 100m | Dec 2027 | - | Current |
04
Financial performance
Patagonia Holdco 3 reported positive company-adjusted EBITDA but a loss before tax in 2025. Net finance costs and intangible-asset impairment contributed to the loss, and net cash flow was negative.
Financial performance
| Period | Revenue | Adjusted EBITDA | Gross margin | Intangible assets impairment | Loss before tax | Net cashflow | Net finance costs |
|---|---|---|---|---|---|---|---|
| 2025 | GBP 1,330.7m | GBP 84.2m | 29.4% | GBP 38.4m | GBP 128.2m | -GBP 1.4m | GBP 95.1m |
05
Grafton integration and growth plans
On 22 April 2026, the group reported that the former Grafton businesses had been integrated and that it was considering further acquisition and organic-growth opportunities.
06
Sources
| Ref. | Source | Date | Location |
|---|---|---|---|
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 13 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 1 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 10 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 11 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 12 | |
| Patagonia Holdco 3 Limited company overviewCompanies House | Not stated | Whole page | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 75 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 47 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 75 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 4 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 75 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 2 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 2 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 2 | |
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Page 28 |
Documents
| Document | Date | Type | Access |
|---|---|---|---|
| Patagonia Holdco 3 Limited Annual Report and Financial Statements 2025Huws Gray Group | Not stated | Annual Report | |
| Patagonia Holdco 3 Limited company overviewCompanies House | Not stated | Registry Record |