The Office of Fair Trading is to review Travis Perkins' recent acquisition of the remaining 70% of Toolstation.

The builders merchant had completed the buy out from Somerset-based Mark Goddard-Watts and his family trusts last month. 

In a statement, the firm said: “While Travis Perkins will cooperate fully with any review, the company sees absolutely no basis for this notification and will be seeking clarification from the OFT at the earliest opportunity.”

Toolstation sells lightside building material products and has grown rapidly since Travis Perkins took its first interest in 2008 from 12 outlets to 103 branches.

In April 2008, Travis Perkins paid £18m for a 30% equity interest in the company together with an option to buy the remaining shares.

Travis Perkins paid the Goddard-Watts family a further £24m to take full ownership of Toolstation, plus a further payment that depends on future performance and expansion of the business by December 2013. 

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