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Travis Perkins has announced that it has completed the demerger of Wickes Group following an approved shareholders general meeting.
Following on from the demerger, the shares of Wickes were admitted at 8.00 a.m. today (28 April 2021) to trade on the main market of the London Stock Exchange.
The group first announced its long-term plan to simplify its business and achieve a “more streamlined cost structure” in December 2018. Following this, it announced its intention to demerge Wickes in July 2019.
Having completed the “vast majority” of work on the Wickes demerger since then, on 20 March 2020 it announced that it had placed the process on hold in order to focus on managing through the pandemic and “maximise liquidity” across the group.
The share consolidation is expected to take place after the market closes today (28 April 2021).
It is also expected that admission and dealings in the new Travis Perkins shares on the London Stock Exchange will commence on 29 April 2021.
Nick Roberts, CEO of Travis Perkins Group, said at the time: “I am very pleased that we have reached a significant milestone in the process to demerge Wickes from the Travis Perkins Group. It is testament to the strength of both the Group and Wickes operating models that we are back on track to complete the demerger despite the pandemic.
“The demerger is an important step towards simplifying the Group and enabling Travis Perkins to focus on its trade customers. The separation will allow both businesses to allocate capital to drive growth and further enhance their market leading positions.”
David Wood, CEO of Wickes, added: “This is a key milestone on our journey to listing on the London Stock Exchange as a standalone business in what will be a transformational moment for Wickes.
“The results we delivered during this period are evidence of the strength of our unique proposition, digital capability and efficient operating model, which has enabled us to respond rapidly to the changing demands of our customers.”
