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Travis Perkins sells tool business

5 Sep 11 Travis Perkins has conditionally agreed to sell its Buck & Hickman tools distribution business for £27.6m on a cash free, debt free basis to Brammer.

Travis Perkins is sticking to building materials
Travis Perkins is sticking to building materials

Buck & Hickman was acquired by Travis Perkins in December 2010 as part of its acquisition of the BSS Group. However, as a tool distributor, it is not considered a core business for the building materials and products group.

Travis Perkins will use proceeds from the sale to reduce net debt. The sale is due to complete by the end of September.

The management and staff of Buck and Hickman will transfer with the business to Brammer. Buck & Hickman has been trading for 180 years and operates a network of 28 branches throughout the UK. It also has a catalogue and online business. Net assets at 31 March 2011 were £32.8m, including intangible assets of £13.7m, and gross assets of £50.3m.

Buck & Hickman also owns the Roebuck brand of tools.

Brammer distributes industrial and mechanical components such as bearings, belts & pulleys, chains & sprockets, motors, seals, gearboxes, pneumatics and hydraulics. bearings, belts & pulleys, chains & sprockets, linear motion, motors, seals, gearboxes, pneumatics, hydraulics.

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