Mon, 13 Jan 2020 | DIVISION SALE
Britain’s largest building materials group Travis Perkins has sold its wholesale plumbing and heating business Primaflow F&P to specialist distribution group Newbury Investments for £46 million.
Travis Perkins says that the sale, which is expected to complete at the end of January, will be used to reduce its net debt and will allow its remaining plumbing and heating business to "focus on delivering market-leading service to our direct trade customers".
The sale is, in these regards, in line with the group’s strategy to simplify and focus on its advantaged trade businesses. The group also expects to demerge its home improvement division Wickes during the second quarter of 2020.
Travis Perkins acquired Primaflow F&P, a wholesale distributor of branded plumbing and heating products, from the BSS group in 2010. Primaflow’s attributable profits after adjusting items for the year ending December 2018 were £5 million, with gross assets listed at £102 million as of 30 June 2019.
Nick Perkins, Chief Executive of Travis Perkins, said: "The divestment of our wholesale plumbing and heating business is a further step in reducing the group's overall complexity and enabling greater focus and more disciplined capital allocation to our advantaged trade-focused businesses."
Shares in Travis Perkins were up 1.3 per cent earlier this morning, with the group’s gains over the last year at 39 per cent and its overall value standing at £4 billion.
The company specialises in the manufacture, import and distribution of a wide selection of microfibre cleaning products, such as cloths, mops and towels.
LEASEHOLD
Supplies a range of industrial, H&V and commercial plumbing products, including pipes, valves, fittings, pumps, controls, sanitaryware, wc products, taps and brassware.
LEASEHOLD
A highly successful business operating for over 30 years. Supplies a comprehensive range of electrical products and components for the benefit of a substantial customer base. Utilises an in-house projects division to deliver complementary lighting de...
LEASEHOLD
|
15
|
|
Jan
|
Buyer sought for portfolio of pubs | BUSINESS SALE
Five pubs that formerly operated under the Authentic Alehous...
|
14
|
|
Jan
|
Acquisitive RSK Group completes trio of deals | BUSINESS SALE
Cheshire-based technical services consultancy RSK Group has ...
|
13
|
|
Jan
|
Heat transfer equipment manufacturer falls into administration | ADMINISTRATION
Coventry-based Covrad Heat Transfer has fallen into administ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
02
|
|
Oct
|
Travis Perkins sells Tile Giant to investment group | BUSINESS SALE
Travis Perkins has sold retailer Tile Giant to Leeds-based i...
|
02
|
|
Aug
|
Travis Perkins announces Wickes demerger | MERGER
Travis Perkins has revealed that it plans to demerge DIY cha...
|
03
|
|
Jul
|
KPMG closes prepack deal with Norbain | ADMINISTRATION
KPMG has worked to close a prepack deal for the Norbain Grou...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources