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Travis Perkins PLC — M&A Activity 2020
Jan 14, 2020
5270_rns_2020-01-14_99d70836-9bd6-4b26-a0c4-f45d35e71033.pdf
M&A Activity
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Travis Perkins (TPK) 13-Jan-2020 / 09:30 GMT/BST Dissemination of a RegulatoryAnnouncement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
13 January 2020
Travis Perkins plc
Sale of wholesale Plumbing & Heang 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, todayTravis Perkins' management team has confirmed the sale of its wholesale plumbing & hea(ng business, Primaflow F&P, to Newbury Investments (UK) Ltd, aspecialist distribu(on group, forcash considera(on 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 na(onal wholesale distributor of branded plumbing and hea(ng systems and has been part of the Travis Perkins Group since 2010.For the year ended 31 December 2018, a6ributable profits a7eradjus(ng items were £5m. Gross assets amounted to £102m as at 30 June 2019. Sale of the wholesale business will enable our remaining Plumbing & Hea(ng businesses to focus on delivering market-leading service to our direct trade customers.
Nick Roberts, ChiefExecu(ve, commented:
"The divestment of our wholesale plumbing & heang business is a further step in reducing the Group's overall complexity and enabling greater focus and more disciplined capital allocaon to our advantaged trade-focused businesses."
-ENDS-
Investor enquiries: Graeme Barnes - Director of Capital Markets T: +44 7469 401819 E: [email protected]
Media enquiries: Powerscourt Jus(n Griffiths / James White T: +44 20 7250 1446 E: [email protected]
ISIN: GB0007739609 Category Code:MSCL TIDM: TPK LEICode: 2138001I27OUBAF22K83 Sequence No.: 40064 EQS News ID: 951765
End ofAnnouncementEQS News Service