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(Sharecast News) - Building materials distributor Travis Perkins said on Thursday that it has sold its specialist floor kit, i-joist and staircase manufacturer Staircraft.
The FTSE 250-listed firm disposed of Staircraft to Gait Consulting, which was majority owned by the founder of Staircraft, for 24.0m in cash.
Chief Financial Officer Duncan Cooper said: "The sale of Staircraft is another step towards simplifying the group's operating model with a clear focus on being the UK's leading distributor of building materials.
"The proceeds will be used to strengthen the group's balance sheet and will support our disciplined approach to reinvesting in our core assets. I would like to thank all colleagues in Staircraft for their contribution as part of the group and wish them all the best for the future as an independent business."
As of 0850 BST, Travis Perkins shares were up 1.15% at 565.43p.
Reporting by Iain Gilbert at Sharecast.com
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