- Builders merchant Travis Perkins said it had agreed to sell its plumbing and heating business to Newbury Investments for £46m.

The sale of the business, called Primaflow F&P, would come after the company in late 2018 said it would simply its operations to concentrate on its trade businesses.

The sale process for Primaflow F&P was expected to complete at the end of January. Proceeds would be used to cut debt.

'The divestment of our wholesale plumbing and heating business is a further step in reducing the group's overall complexity and enabling greater focus and more disciplined capital allocation to our advantaged trade-focused businesses,' chief executive Nick Roberts said.

At 9:58am: [LON:TPK] Travis Perkins PLC share price was +18.25p at 1586.75p

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