Travis Perkins has detailed its plans to demerge DIY chain Wickes as a standalone business in 2020.
The plan was outlined in the group’s interim statement of results for the six months ended June 30th, where it revealed Wickes had achieved sales growth of 9.7% “after a difficult period in 2018”.
Travis Perkins’s retail division revenue, which includes Toolstation, Tile Giant and Wickes, delivered total revenues of £695 million.
The decision to demerge Wickes is a key part of Travis Perkins’s strategy to focus on trade customers and simplify the group.
The group said it believes that Wickes, under a management team led by Chief Executive, David Wood, is: “well positioned to thrive as a standalone business” and that – as a separate business – Wickes will “have the autonomy to execute on its strategy and allocate capital to its customer proposition and growth opportunities with a clearer focus”.
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