Travis Perkins accelerates Wickes demerger plans
Builders’ merchants Travis Perkins has accelerated plans to demerge Wickes by 2020. Details of the proposed £500m spin-off were included in the group’s mid-year statement, where it revealed Wickes had seen sales growth of 9.7%. Travis Perkins’ retail division revenue, which includes Toolstation, Tile Giant and Wickes, stood at £695m. The move aims to simplify Travis Perkins’ business and refocus on trade customers. Former Tesco executive David Wood was brought in to replace Wickes CEO Simon King in July after its operating profit dropped almost a third over two years to £69m.