REG-Travis Perkins Travis Perkins: Sale of wholesale Plumbing & Heating business

Travis PerkinsAnnouncement

13/01/2020 09:30

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   Travis Perkins (TPK)
   Travis Perkins: Sale of wholesale Plumbing & Heating business

   13-Jan-2020 / 09:30 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   13 January 2020

   Travis Perkins plc

   Sale of wholesale Plumbing & Heating business

    

   In December  2018, Travis  Perkins announced  a strategy  to simplify  the
   Group and to focus on its advantaged trade businesses. In line with  this,
   today Travis  Perkins'  management team  has  confirmed the  sale  of  its
   wholesale  plumbing  &  heating   business,  Primaflow  F&P,  to   Newbury
   Investments  (UK)  Ltd,   a  specialist  distribution   group,  for   cash
   consideration of £46m before working capital adjustments. The sale process
   is expected to complete at the end  of January 2020 and the proceeds  will
   be used to reduce Group net debt.

   Primaflow F&P is a national wholesale distributor of branded plumbing  and
   heating systems and has been part of the Travis Perkins Group since  2010.
   For the year ended 31 December 2018, attributable profits after  adjusting
   items were £5m. Gross assets amounted to  £102m as at 30 June 2019.   Sale
   of the wholesale  business will  enable our remaining  Plumbing &  Heating
   businesses to focus  on delivering  market-leading service  to our  direct
   trade customers.

   Nick Roberts, Chief Executive, commented:

   "The divestment of our wholesale plumbing & 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."

   -ENDS-

    

   Investor enquiries:

   Graeme Barnes - Director of Capital Markets

   T: +44 7469 401819

   E:  1 Graeme.barnes@travisperkins.co.uk

    

   Media enquiries:

   Powerscourt

   Justin Griffiths / James White

   T: +44 20 7250 1446

   E:  2 travisperkins@powerscourt-group.com

    

    

    

    

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   ISIN:          GB0007739609
   Category Code: MSCL
   TIDM:          TPK
   LEI Code:      2138001I27OUBAF22K83
   Sequence No.:  40064
   EQS News ID:   951765


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:Graeme.barnes@travisperkins.co.uk
   2. mailto:travisperkins@powerscourt-group.com


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