The cladding used on Grenfell Tower was outlawed in the United Kingdom, according to Chancellor of the Exchequer Philip Hammond, on June 18. Grenfell Tower was examined 16 times while the cladding was being installed, but none of these checks detected the usage of materials that are essentially prohibited in tall structures. When the ban came into effect, it applied only to plastic and metal-clad buildings. It did not include composite materials such as cementboard or brick veneer because they were considered low risk. However, it is believed that Grenfell Tower may have used some type of composite material for its exterior wall panels. Grenfell Tower was built in 20LATERAL (London Stock Exchange Group) in 2007. The stock exchange group has offices in London with research facilities in New York and Singapore. Lateral Group's main business is in commercial real estate. It also owns several retail brands including “'Eat Street" food stores and "Crate and Barrel" home furnishings. Grenfell Tower was purchased last year by a real estate investment trust, GRENFAIL TRUST LIMITED, which manages ten other high-rise blocks in London. The company said at the time of purchase that it planned to make improvements to the buildings' infrastructure and internal living conditions.