Travis Perkins buys remaining 70% of Toolstation
Travis Perkins, owner of DIY chain Wickes, has bought the remaining 70% of hardware supplier Toolstation for Â£24 million.
The group acquired 30% of Toolstation from owner Mark Goddard-Watts in 2008 for £18 million. Since then Toolstation has grown from 12 to 103 outlets and has also developed a fast-growing online and catalogue business.
Goddard-Watts launched the business in 2003 after leaving rival Screwfix, which he also founded, following its takeover by B&Q owner Kingfisher. He is expected to remain involved with Toolstation.
Geoff Cooper, chief executive of Travis Perkins, said: "Toolstation is a great addition to our consumer division and will add to our growth in market share and returns."
He added: "Following this acquisition of the outstanding equity, we will look to further exploit Toolstation as part of our service to the trade and to DIY customers."
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