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.
Available on the market for an acquirer seeking a superbly appointed West Yorkshire timber and garden product merchant. This wholesale operation was established in 2004.
This is an exciting opportunity to acquire this long-established Animal feed and supplies business, which has been successfully operated by our clients since 2017.
Established over a century ago, the company is a family-run butchery with deep roots in the local community. Based in North Wales, the company has built its reputation on providing high-quality meat products and exceptional customer service.
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