Grafton group sells Plumbase

[Lou]

I just read this about @Plumbase being sold. Did anyone else hear about it?

HISTORIC PLUMBING AND HEATING BUSINESS SOLD IN £66M DEAL
2 Oct 2019 Midlands Deals Jon Robinson

A specialist UK plumbing and heating business, which was founded more than 155 years ago, has been sold in a deal worth in excess of £66m.
Dublin-headquartered builders merchanting and DIY firm Grafton Group has completed the disposal of Plumbase to Plumbing and Heating Investments Ltd, which is registered in Cheshire.
The deal had an enterprise value of £66.75m, while, after allowing for adjustments for debt-like items and working capital, net cash proceeds of £60.7m were received by Grafton on completion.
Plumbase generated sales of £257.8m and operating profit of £6m for the year ended 31 December 2018.
Grafton chief executive officer 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."
Plumbase began with H. Bradley Ltd, a plumbing and heating business made up of six branches in London.
This was then acquired by the Grafton group in 1994 and changed the company name to Plumbase in 1998.
Since then the company has built up more than 163 branches.

 

[hammers4spanner]

Hardly surprising turnover 257 million and profit 6 million

 

[snowhead]

Plumbing & Heating Investments Ltd is a sister company of Knutsford based Edmundson Electrical, T/O £1.3bn. Following a recent expansion into the plumbing and heating supplies sector the new plumbing and heating group comprises 5 companies, with over 75 trading locations and c.£130m turnover.

 

[centralheatking]

I just read this about @Plumbase being sold. Did anyone else hear about it?

HISTORIC PLUMBING AND HEATING BUSINESS SOLD IN £66M DEAL
2 Oct 2019 Midlands Deals Jon Robinson

A specialist UK plumbing and heating business, which was founded more than 155 years ago, has been sold in a deal worth in excess of £66m.
Dublin-headquartered builders merchanting and DIY firm Grafton Group has completed the disposal of Plumbase to Plumbing and Heating Investments Ltd, which is registered in Cheshire.
The deal had an enterprise value of £66.75m, while, after allowing for adjustments for debt-like items and working capital, net cash proceeds of £60.7m were received by Grafton on completion.
Plumbase generated sales of £257.8m and operating profit of £6m for the year ended 31 December 2018.
Grafton chief executive officer 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."
Plumbase began with H. Bradley Ltd, a plumbing and heating business made up of six branches in London.
This was then acquired by the Grafton group in 1994 and changed the company name to Plumbase in 1998.
Since then the company has built up more than 163 branches.

So Edmundson Electrical are buying into Plumbing and Heating just when other outfits like TP are ditching there plumbing and heating holdings ..centralheatking