LONDON (ShareCast) - (Sharecast News) - Builders' merchant Grafton Group has sold its specialist UK plumbing and heating business, Plumbase, to Plumbing and Heating Investments Limited, for an enterprise value of £66.75m.
Allowing for adjustments for debt-like items and working capital, net cash proceeds of £60.7m were received on completion.

Grafton said the disposal was in line with its strategy of focusing on higher-returning businesses with good long-term growth prospects.

Plumbase generated sales of £257.8m and operating profit of £6m for the year ended 31 December 2018.

Chief executive Gavin Slark said: "The sale of Plumbase to PHIL secures future opportunities for Plumbase, its employees and other stakeholders as part of an enlarged specialist plumbing and heating business.

"This transaction represents a very positive outcome for Grafton and enables us to continue to focus our capital and resources on attractive growth opportunities that generate appropriate returns for our shareholders."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE