In recent documents, Travis Perkins confirmed its intention to simplify the Group to reduce complexity and costs and to improve the performance of Wickes to create optionality for the future. The Group has also created a new reporting structure which separates Wickes from sister company, Toolstation, and is also understood to be isolating Wickes’ IT structure.
Operating profits have fallen to £69m over the last two years, a decline of around a third. A sell-off could happen by the middle of next year, according to the Sunday Times.
Travis Perkins also announced in December that it was looking to sell off its Plumbing and Heating division, as part of a focus on delivering best-in-class service to its trade customers. A sale value of £500m is expected.
Analysts at Numis believe that Wickes could sell for between £400m and £500m if a buyer could be found. Sources told the publication that by attempting to cater to novice DIY-ers and tradespeople alike, Wickes has developed a “huge identity crisis”.
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