Plumbing and heating firm sold in £67m deal

Plumbase, the Birmingham-based plumbing and heating business, has been sold to Plumbing and Heating Investments, the distributor of plumbing and heating products, for £66.8m.

Plumbase generated sales of £257.8m and operating profit of £6m for the year ended 31 December 2018.  The company has 163 branches across the UK.

Gavin Slark, chief executive of Plumbase parent company Grafton Group said: “The sale of Plumbase to PHIL secures future opportunities for Plumbase, its employees and other stakeholders as part of an enlarged specialist plumbing and heating business.

“This transaction represents a very positive outcome for Grafton and enables us to continue to focus our capital and resources on attractive growth opportunities that generate appropriate returns for our shareholders.”