24th Mar 2021 09:55
(Alliance News) - Travis Perkins PLC on Wednesday said it has submitted paperwork related to the demerger of its Wickes unit to UK regulators, which the builders' merchant labelled a crucial step in the spin-out process.
The demerger process was put on hold for roughly a year in March 2020 to allow the FTSE 250 firm to focus on managing the Covid-19 pandemic. Earlier in March this year, Travis said it resumed the process.
This was on the back of Travis and DIY chain Wickes showing "resilience" in the wake of Covid-19.
"Today marks the next milestone in the process with Travis Perkins announcing that the circular in relation to the proposed demerger and the prospectus in relation to the proposed admission of the Wickes shares have each been submitted to the Financial Conduct Authority for approval," Travis Perkins said.
Wickes shares will join London's Main Market, Travis Perkins explained. It expects the circular and prospectus to be approved later on Wednesday.
"I am very pleased that we have reached a significant milestone in the process to demerge Wickes from the Travis Perkins group. It is testament to the strength of both the group and Wickes operating models that we are back on track to complete the demerger despite the pandemic," Chief Executive Officer Nick Roberts said.
Travis Perkins first announced plans to demerge Wickes back in July 2019.
Shares in the company were 0.3% higher at 1,590.11 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Travis Perkins