RECESSION is not all doom and gloom, according to a construction materials giant who lives in Guernsey.

Peter Tom (pictured), the founder of Aggregate Industries and chairman of Leicester Tigers, has made his return to the stock market with a new vehicle. His plan is to make acquisitions in the building materials industry backed by investment group Marwyn.

Critics have baulked at the St Martin’s resident’s timing when the construction industry is bowing under pressure from the credit crunch. But Mr Tom, 67, insisted that in the current economic downturn, there were still some exciting acquisition opportunities.

‘We’re currently on the second round of bidding for some assets that one of the majors is selling off in the UK as we think the industry there is pretty consolidated,’ he said.

‘We’re also looking at the Czech Republic and Poland as well as the US and believe we can make a success of it if we find the right assets. Even if this recession is a particularly bad one, I have the benefit of having been  through a few before.’