Published on 3 - January - 2012
Travis Perkins takes full control of ToolstationWickes' parent firm announces that it has acquired the remaining 70% of the issued share capital of Toolstation Limited it does not already own from Mark Goddard-Watts and his family trusts for £24m.
Travis Perkins paid £18m for 30% of the Toolstation business in April 2008 and has now bought the rest of the company, taking the total paid so far to £42 million with the possibility of further payments over the next two years dependent on the performance and expansion of the business.
The move will further expand Travis Perkins' consumer division, which currently comprises Wickes and Tile Giant,
Toolstation currently operates 103 outlets in the UK, having expanded from just 12 at the time Travis Perkins acquired its first interest in the firm. The lightside building materials retailer currently has gross assets of £34m and generated EBITDA of £5m in the financial year to December 31, 2011. The current management team at Toolstation all remain in place following this acquisition of the outstanding equity.
Travis Perkins chief executive Geoff Cooper said: "Toolstation is a great addition to our consumer division and will add to our growth in market share and returns. Following this acquisition of the outstanding equity, we will look to further exploit Toolstation as part of our service to the trade and to DIY customers."
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