Predictably enough, Grafton's executive chairman Michael Chadwick had little to say about his company's 23.8 per cent stake in rival group Heiton Holdings at the interim results briefing this week.

He has no plans to emulate the Israeli-led assault on Gresham's board by seeking board representation at Heiton.

But like Liam Carroll at Dunloe, he refuses to be drawn on his long-term plans for what he describes simply as "an investment".

There is little doubt that the Heiton stake goes beyond that, however, serving a number of useful functions for Grafton.

It allows it to keep a foot on its main rival in the Irish market while blocking an obvious route for UK competitors interested in a move into the Republic.

It also provides Grafton, whose operations are concentrated in the Republic and Britain, with some exposure beyond these islands.

How Heiton's move into the Polish market - it acquired a 30 per cent stake in a builders merchants and readymix provider in western Poland last year - pans out is likely to be of particular interest to Grafton.

It also allows Grafton to keep its options open. If the company's expansion drive in Britain were ever to run out of steam, it could always turn its attention to masterminding a takeover back at home.

The view in the market is that Mr Chadwick is happy enough to sit on the stake for the time being.

It may have a slightly depressing effect on Grafton's return on capital employed but this is far outweighed by its usefulness.