Wickes has announced the completion of its demerger from Travis Perkins plc following approval from a General Meeting of Travis Perkins shareholders.
The Travis Perkins Group had announced its intention to demerger the company in December 2018. However the process was placed on hold on 20 March 2020, to allow for the Group to focus on managing the effects of the pandemic. Shares of Wickes are now trading on the main market of the London Stock Exchange.
On Admission, Wickes' issued share capital consisted of 252,143,923 shares with a nominal value of £0.10 each and all Wickes shares carry voting rights of one vote per share.
In july 2019, The Sunday Times reported that Numis analyst Howard Seymour estimated Wickes would generate sales of £1.3 billion this year, and that he believed the business to be worth between £400 million and £500 million.
David Wood, Chief Executive Officer of Wickes, commented: "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.
"I would like to extend my thanks to my colleagues at Travis Perkins. I am deeply appreciative of their support through this process, and wish them the very best for the exciting next chapter in their business."