StockMarketWire.com - Builders merchanting group Grafton said it had completed the sale of Plumbase, its specialist UK plumbing and heating business, to Plumbing and Heating Investments for an enterprise value of £66.75m.

After allowing for adjustments for debt-like items and working capital, net cash proceeds of £60.7m were received on completion, the company said.

The disposal of Plumbase was in line with the group's strategy of orientating towards higher returning businesses with good long-term growth prospects.






At 8:01am: [LON:GFTU] Grafton Group PLC share price was +6p at 778p



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