Business Model

Responding to Stakeholders

Our approach is to engage in personal dialogue across all major stakeholder groups. Our investor and shareholder communication is focused around personal contact, individual dialogue, regular presentations and site visits, and ensures that our investor relations programme clearly articulates the strategic priorities of the business. We aim to build collaborative relationships with employees, customers and suppliers – being open to change and responding to feedback.

Our capital


The Group has an experienced workforce of approximately 2,500 employees with specialist skills and a high level of engagement

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. 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

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 material 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

• Competitive 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 two hours away. This continues to be a key competitive advantage.

Related risks

• Macro-economic 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-economic and political
• Extreme weather
• Climate change
• Cyber security risks
• Competitor activity
• Legal and regulatory


Committed to ensuring our ESG credentials are at the heart of the Marshalls brand.

• Carbon reduction targets
• Science-based targets
• People commitment
• Diversity, Equality, Respect and Inclusion (“DERI”) strategy
• Strong governance

Related risks
• Extreme weather
• Climate change
• Public perception
• Legal and regulatory


Innovative product solutions for the Built Environment.

• Market Innovation
• Product Innovation
• Process Innovation
• Materials Innovation
• Digital Innovation

Related risks
• Road infrastructure
• Cost inflation
• Environmental
• Climate change



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 by non-recurring and discretionary dividends
Dividend per share
Industry leading customer service – innovative new products, quality, availability and “on-time” delivery.
New products
8% of sales (2019: 12%)
Promotion of professional development, career opportunities and competitive benefit packages.
Active apprenticeships in 2020
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”.
Commitment to reduce greenhouse gas emissions
40% by 2030
Government & regulatory bodies
Re-investment R&D and capital expenditure to drive sustainable growth.
Capital investment in 2021