Builders merchanting and DIY group Grafton completed the sale of its Belgian merchanting business on Friday, the company said in a news release to the stock exchange.
The Chadwicks, Heiton Buckley and Woodies DIY owner announced at the end of August that it had entered into an agreement to dispose of its Belgian merchanting business for £11 million (€12.34 million).
Grafton conducted a strategic review of the business earlier this year which resulted in the decision to offload the Belgian merchanting arm. In August, it entered into an agreement with an affiliate of German private equity company Aurelius Equity Opportunities, to sell the business.
Grafton is, however, retaining freehold properties worth about £12.5 million as part of the deal and it expects to sell these “in due course”.
The Belgian business was valued at £28 million including the disposal of one branch for £4.5 million in October 2018. It posted an operating profit of £800,000 in 2018.
