NORTHAMPTON: Travis Perkins has conditionally agreed to sell UK tool distributor Buck and Hickman for £27.6m in cash to Brammer plc. Proceeds from the sale will be used to reduce net debt.
Travis Perkins acquired Buck and Hickman in December 2010 as part of its acquisition of the BSS Group. "As Buck and Hickman is not closely aligned to either the Travis Perkins or the BSS Group core businesses, it was felt that the business could be better developed under an owner with a more specialist knowledge of the sector within which Buck and Hickman trades," Travis said in a statement.
Buck & Hickman sells 60 000 branded and own-brand industrial and maintenance products with just under 14,000 of those products bearing its proprietary industrial brand, Roebuck. The key focus of the product range is hand and power tools, janitorial, health & safety and personal protective equipment items.
The management and staff of Buck and Hickman will transfer with the business,
Buck and Hickman had net assets of £32.8m at 31 March 2011.
