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19/10/2016
Travis Perkins To Close 30 UK Branches
Builders merchant Travis Perkins has announced it is closing 30 branches across the UK.
The company said the move, which puts 600 jobs at risk, is due to the "uncertain" outlook for UK customer demand in 2017.
Elsewhere, the firm said it was "not satisfied" with sales in its plumbing and heating division and has begun reviewing these operations.
The 30 branch closures are expected to result in an exceptional charge of £40 – 50 million. In addition, 10 smaller distribution and fabrication centres will be shut, as well as writing off of certain IT legacy equipment.
John Carter, Chief Executive said: "It is still too early to predict customer demand in 2017 with certainty and we will continue to monitor our lead indicators closely. Given this uncertainty we will be closing over 30 branches and making further efficiency driven changes in the supply chain, resulting in an exceptional charge of £40-50 million this year.
"We have a proven track record developed over many years of taking swift action to take advantage of opportunities as they arise in whichever part of the cycle we find ourselves. The strength of the Group's balance sheet and the competitive advantage we have created through the investments we have made position us well to continue outperforming the markets we compete in and drive shareholder value over the medium term."
(LM)
The company said the move, which puts 600 jobs at risk, is due to the "uncertain" outlook for UK customer demand in 2017.
Elsewhere, the firm said it was "not satisfied" with sales in its plumbing and heating division and has begun reviewing these operations.
The 30 branch closures are expected to result in an exceptional charge of £40 – 50 million. In addition, 10 smaller distribution and fabrication centres will be shut, as well as writing off of certain IT legacy equipment.
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John Carter, Chief Executive said: "It is still too early to predict customer demand in 2017 with certainty and we will continue to monitor our lead indicators closely. Given this uncertainty we will be closing over 30 branches and making further efficiency driven changes in the supply chain, resulting in an exceptional charge of £40-50 million this year.
"We have a proven track record developed over many years of taking swift action to take advantage of opportunities as they arise in whichever part of the cycle we find ourselves. The strength of the Group's balance sheet and the competitive advantage we have created through the investments we have made position us well to continue outperforming the markets we compete in and drive shareholder value over the medium term."
(LM)
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