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Grafton Group sells UK plumbing and heating business for €75m


Grafton CEO Gavin Slark

Grafton CEO Gavin Slark

Grafton CEO Gavin Slark

Woodie's owner Grafton Group has sold its specialist UK plumbing and heating business, Plumbase, for £66.75m (€74.9m).

Taking into account adjustments, Grafton received net cash proceeds of £60.7m (€68m).

Grafton said the disposal was in line with its strategy of orientating towards higher returning businesses “with good long-term growth prospects.”

Plumbase generated sales of £257.8m (€289m) and operating profit of £6m (€6.7m) for the year ended 31 December 2018. 

Gavin Slark, CEO of Grafton Group, said: "This transaction represents a very positive outcome for Grafton and enables us to continue to focus our capital and resources on attractive growth opportunities that generate appropriate returns for our shareholders."

Last year Grafton reported revenue of £2.95bn (€3.3bn) and adjusted operating profit of £194.5m (€218m).

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