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Sat October 19 2019

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Grafton sells Plumbase

2 Oct Grafton Group has completed the sale of Plumbase, its UK plumbing and heating business, to Plumbing and Heating Investments Limited (PHIL) for £60.7m.

PHIL is a UK company engaged in the distribution of plumbing and heating products. It is owned by Marlowe Holdings Investments Ltd, which also owns Edmundson Electrical, reputedly the largest electrical distributor in the UK.

Plumbase generated sales of £257.8m and operating profit of £6.0m in 2018.

Grafton Group chief executive 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."

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