Economic uncertainty has driven builders merchant Travis Perkins to temporarily take its plumbing and heating business off the market nine months after putting it up for sale.
The merchant group took the decision to divest its plumbing and heating division, which includes PTS and City Plumbing, in December of last year in a move to simplify its structure and cut costs. However, Travis Perkins said in a statement issued this week that it will postpone the sale until Q2 of next year:
“Given the current unprecedented level of uncertainty, we have decided to pause the sale process of the plumbing and heating business for the time being.”
Despite this delay, Travis Perkins says the process to demerge its DIY chain, Wickes, from the Group is still on track, with completion expected in Q2 of 2020, about the same time that the plumbing and heating business will be reintroduced for sale.
