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.
Established in 1978. Located in busy areas of Oldham and Middleton. Freehold industrial bakery with two leasehold retail shops. Offers invited.
FREEHOLD
23 Years established business. Well known and respected in the industry. Market has limited competition. Good profit margins and overall profits. Operates in profitable London and Home Counties area. Offers invited.
RELOCATABLE
Very well established and highly regarded own-brand pre-packed sandwich & snack foods specialist with widespread trade client base & premium quality menu range. This is a confidential sale. Offers invited.
LEASEHOLD
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