Travis Perkins‘ management team has today confirmed the sale of its wholesale plumbing & heating business, Primaflow F&P.
The business has been sold to Newbury Investments (UK) Ltd, a specialist distribution group, for cash consideration of £46m before working capital adjustments, according to a regulatory announcement circulated this morning.
The sale process is expected to be complete at the end of January 2020, and the proceeds will be used to reduce Group net debt. The sale comes following a company decision, announced in December 2018, to simplify the Group and focus on its advantaged trade businesses.
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.”