28th Apr 2021 09:54
(Alliance News) - Builders' merchant Travis Perkins PLC on Wednesday said it completed the demerger of its DIY retailing business, with Wickes Group PLC making its London Main Market debut.
Wickes shares were trading at 270 pence each in London on Wednesday morning, valuing the company at GBP680.8 million. Travis shares were 8.2% lower at 1,477.00 pence. The Northampton-based firm added it will implement a share consolidation to keep its stock price close to pre-demerger levels.
The ratio for the share consolidation will depend on its stock price at the close of trading on Wednesday.
The demerger's completion ends a near two-year journey. Travis first announced plans to demerge Wickes back in July 2019.
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 Wickes showing "resilience" in the wake of Covid-19.
"Today marks a transformational moment for Wickes as we begin our journey as a standalone business. I am delighted with our performance in the last year. I would like to thank all my colleagues for their hard work, dedication and focus on delivering for our customers during such challenging times. We are well positioned to capitalise on the exciting growth opportunities we see in our markets while creating long-term value for all our stakeholders," Wickes Chief Executive Officer David Wood said.
By Eric Cunha; [email protected]
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Related Shares:
Travis PerkinsWickes Group P.