Disposal of Buck and Hickman

RNS Number : 5663N

Travis Perkins PLC

02 September 2011

 



2 September 2011

Travis Perkins PLC

Disposal of the business and assets of Buck and Hickman for £27.6 million

Travis Perkins is pleased to announce that it has conditionally agreed to sell the business and assets of Buck and Hickman for a total cash consideration of £27.6 million on a cash free, debt free basis to Brammer plc, a leading pan-European added value technical distributor.

The Buck and Hickman business was acquired by Travis Perkins in December 2010 as part of its acquisition of the BSS Group.   As Buck and Hickman is not closely aligned to either the Travis Perkins or the BSS Group core businesses, it was felt that the business could be better developed under an owner with a more specialist knowledge of the sector within which Buck and Hickman trades. The management and staff of Buck and Hickman will transfer with the business.

As at 31 March 2011, Buck and Hickman had net assets of £32.8 million, including intangible assets of £13.7 million, and gross assets of £50.3 million.   Proceeds from the sale will be used to reduce net debt.

During its time within the Travis Perkins Group, the Buck and Hickman business has established a close business relationship with other Travis Perkins businesses.  It is intended that these trading relationships should continue under the new ownership of the business.

The on-going BSS integration and synergy programme is unaffected by this disposal.

The sale is due to complete by the end of September.

Ends

Enquiries:

Geoff Cooper, Chief Executive	01604 683 222
Paul Hampden Smith, Finance Director
Travis Perkins PLC
David Bick/Mark Longson	020 7929 5599
Square1 Consulting Limited

 

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