Travis Perkins sells Primaflow F&P for £46m

Builders’ merchant Travis Perkins has announced the sale of its wholesale plumbing & heating business, Primaflow F&P, for £46m in cash.

Primaflow is a national wholesale distributor of branded plumbing and heating systems and has been part of the Travis Perkins Group since 2010. For the year ended 31 December 2018, attributable profits after adjusting items were £5m.

It has been sold to specialist distribution group Newbury Investments.

Travis Perkins said the sale will enable its remaining plumbing and heating businesses to focus on delivering "market-leading service" to its direct trade customers.

Chief executive Nick Roberts said: "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."

At 1000 GMT, the shares were up 1.4% at 1,590.50p.