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Former Garenne Group company Granite Le Pelley has been split into two after its Jersey arm was sold to a property developer, and its Guernsey business was bought by its management.
Granite Le Pelley Jersey, the island’s largest stone specialist, was sold to Stuart Wright on Thursday 6 April.
All Granite Le Pelley Jersey management team and staff will be kept, and a new executive incentive scheme will be devised for senior management.
Mr Wright, who has recently moved to the island, has experience of running large-scale UK development projects and businesses.
Managing Director Pascal Maurice said: “We are delighted to have Stuart on board at Granite Le Pelley Jersey.
“He is already working to bring his extensive experience to support and develop the company. This will allow us to maintain the quality, passion and service we have consistently delivered to all our clients and customers.
“It is very much ‘business as usual’ for all the team and as we prepare to celebrate our 15th anniversary this year in Jersey, we look forward to a very bright future ahead.”
Meanwhile, Granite Le Pelley Guernsey is also a distinct independent business after a management buy-out was completed on Easter Monday.
The company will continue to be led by its Managing Director Richard Breban.
The Garenne Group went into liquidation soon after its Jersey-based building firm Camerons went bust at the end of February.
Other companies once in the now-collapsed group have had mixed fortunes.
Pictured: Camerons was working on Le Masurier's Merchants Square development.
The Guernsey arm of commercial vehicle hire firm Rabeys went into liquidation on Friday and while there were hopes that the Jersey part of the business could be saved, it too announced it had gone under on Tuesday.
Civil engineering business Geomarine was fully purchased by its management buy-out in January and facilities management firm AFM completed its own management buy-out this week.
RG Falla - seen by some as the flagship brand of the Garenne Group in Guernsey - was sold off last year with the new owners looking to focus on small works as opposed to large civic projects as it has done previously.
Imminent management buyout at AFM
Pictured top: The new owner of Granite Le Pelley Jersey, Stuart Wright, with Managing Director Pascal Maurice.
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