Business Model

How we do business

Our business model is constantly developing through collaboration with customers and feedback from stakeholders. Our customer focused investment in digital technology is transforming the customer experience and advancing the business model.

Our capital

  • Strong balance sheet and a conservative capital structure
  • An efficient portfolio of bank facilities, with extended maturities, provides prudent headroom
  • National coverage and sustainable operations across a national network of manufacturing sites
  • Long-standing relationships with customers and suppliers and a diverse product range covering a number of end markets
  • With over 130 years’ experience we have a reputation built on transparency and long‑standing core values
  • Marshalls is a Superbrand underpinned by efficient, well-invested plants with high skills and expertise
  • We focus on innovation and strong R&D and NPD
Natural Resources
  • Marshalls has extensive reserves of UK natural stone
  • Strong supply chain relationships ensure the ethical sourcing of natural stone from India, China and Vietnam

The Group has an experienced workforce of 2,816 employees with specialist skills and a high level of engagement


We are accelerating the development of our digital strategy to enhance service and the overall customer experience, and to improve operational efficiency and communication

Social & Relationships
  • We have strong stakeholder relationships through constructive dialogue with local authorities, industry bodies and regulators
  • Our stakeholder relationships are underpinned by a focus on responsible business which is a key part of the Marshalls culture

Our business


The Group’s main raw materials are cement, sand, aggregates, pigments, fuel oil and utilities. We use the best materials we can source.

Related risks

  • Macro-economic and political
  • Security of raw materials supply’
  • Cyber security risks
  • Environmental
  • Ethical
  • Climate Change


The Group manufactures and supplies landscape, driveway and garden products from a range of materials, principally concrete and natural stone. Marshalls has a world-class Manufacturing, Innovation and Development team.

Related risks

  • Competitor activity
  • Threat from new technologies and business models
  • IT Infrastructure
  • Legal and regulatory


Due to the scale of our operations, and our national network of regional centres, 97 per cent of our customers are less than 2 hours away. This continues to be a key competitive advantage.

Related risks

  • Macro-economical and political
  • Road infrastructure
  • Cost inflation
  • Environmental
  • Climate change


Our customers range from Domestic homeowners to Public Sector and Commercial. We seek to exceed the expectations of customers in all our end markets.

Related risks

  • Macro-economical and political
  • Weather
  • Cyber security risks
  • Legal and regulatory
  • Competitor activity


Strategic Objectives

Shareholder value
Sustainable profitability
Relationship building
Organic expansion
Brand development
Effective capital structure and control framework
Progressive dividend policy, targeting 2 times dividend cover supported with non-recurring and discretionary supplementary dividends.
Dividend per share
Industry leading customer service – innovative new products, quality, availability and “on-time” delivery.
Customer service index
Promotion of professional development, career opportunities and competitive benefit packages.
Apprenticeships in 2019
Global supply chain, long term and mutually beneficial partnerships and ethical trading.
Suppliers trained on anti-bribery & modern slavery
Communities & environment
Positive impact, with direct investment in the community and “Fair Tax Mark”.
Charitable & community donations
Government & regulatory bodies
Re-investment R&D and capital expenditure to drive sustainable growth.
R&D expenditure

What makes us different?


  • Commitment to producing new quality products that are better than any existing market offering
  • Commitment to achieving the highest standards of environmental performance


  • Benchmark for excellence, widely regarded as a leader in its field
  • Marshalls is one of Britain’s strongest Superbrands
  • Development of a digital strategy

Customer service

  • Strong Manufacturing, Innovation and Development team
  • Skilled engineers and technicians
  • Broad range of products


  • New and innovative products
  • Patent protection
  • Machinery design and installation

Capital structure

  • Strong and flexible capital structure
  • Clear capital allocation policy

Dynamic business model

  • Our business model is constantly developing through collaboration with customers and feedback from stakeholders. Our customer-focused investment in digital technology is transforming the customer experience and advancing the business model