Builders’ materials distributor Travis Perkins has sold off its wholesale plumbing & heating business Primaflow F&P to Newbury Investments (UK) Ltd, a specialist distribution group for £46million.
The sale is expected to complete at the end of January 2020 and the proceeds will be used to reduce Group net debt.
Primaflow F&P has been part of the Travis Perkins Group since 2010.
For the year ended December 31 2018, attributable profits after adjusting items were £5million and gross assets amounted to £102million as at June 30 2019.
It follows the company’s announcement in December 2018, Travis Perkins announced a strategy to simplify the Group and to focus on its advantaged trade businesses.
According to the merchant, sale of the wholesale business will enable its remaining plumbing and heating businesses “to focus on delivering market-leading service to our direct trade customers.”
Chief Executive Nick Roberts 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.”
The Travis Perkins Group operates more than 20 businesses across the UK, including Wickes, Benchmarx and Toolstation. It owns 19 product brands within these businesses.
Headquartered in Northampton, the group employs 30,000 across more than 2,000 branches, stores and sites in the UK.