Travis Perkins in £8.4m Focus deal
Builders' merchant Travis Perkins has acquired 13 leasehold properties from fallen DIY chain Focus. The £8.4m deal, which includes the transfer of the stores' employees, was struck on behalf of Travis Perkins' Northampton-based subsidiary Wickes Building Supplies.
The acquired stores will be converted into the Wickes retail home improvement format. Once the transfer has been completed, Wickes will have 216 stores across the UK.
These conversions will be completed before the end of 2011 and are expected to be earnings enhancing in 2012, said Travis Perkins.
Geoff Cooper, chief executive of Travis Perkins, said: "The acquisition of these 13 stores, cherry picked from over 100 potential locations, further expands our Wickes business and will help us to continue our gains in like-for-like and total market share.
"We welcome the colleagues in these stores into our Group and look forward to these stores trading successfully in the Wickes Format."
