Travis Perkins has conditionally agreed to sell the business and assets of Buck and Hickman for £27.6 million to Brammer plc, a pan-European technical distributor.
The Buck and Hickman business was acquired by Travis Perkins in December 2010 as part of its acquisition of the BSS Group.
In a statement issued today, Travis Perkins said: “As Buck and Hickman is not closely aligned to either the Travis Perkins or the BSS Group core businesses, it was felt that the business could be better developed under an owner with a more specialist knowledge of the sector within which Buck and Hickman trades. The management and staff of Buck and Hickman will transfer with the business.
“During its time within the Travis Perkins Group, the Buck and Hickman business has established a close business relationship with other Travis Perkins businesses. It is intended that these trading relationships should continue under the new ownership of the business.”
As of 31 March, Buck and Hickman had net assets of £32.8 million, including intangible assets of £13.7 million, and gross assets of £50.3 million.
The move will not affect any other BSS brands. The sale is due to complete by the end of September.