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Travis Perkins’ recovery prompts Covid-19 payback

 

Strength in DIY sales during October and November has helped Travis Perkins to return £50m of UK government help.

The Group says its Wickes and Toolstation brands benefited from the ‘surge in DIY trade’ during the first part of the Covid-19 pandemic and that it would return business rates relief and job retention scheme money for its Wickes and Toolstation stores of around £50m.

The Group’s trading update for October and November 2020 showed good progress on retaining sales from branches closed as part of the restructuring activity during the and like-for-like sales growth of 8.6% during the period.

The company said: “There continues to be an encouraging recovery in domestic RMI across smaller trade customers in Travis Perkins and City Plumbing, although, with volumes for larger customers recovering more slowly, sales growth is slower in the specialist merchant brands of BSS, CCF, Keyline and the large contract side of the P&H business.”

During November the Group raised £250m via a long five-year public bond issuance at a coupon of 3.75%. The proceeds will be used to repay the £250m September 2021 bond maturity before the end of December.

 

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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