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.
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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.”