Builders merchant Travis Perkins has demerged the Wickes home improvement retail business. This is an area that has held up well during lockdowns. Trade demand was reduced, particularly last spring, but there was more DIY spending.
The underlying market has been growing consistently and this should continue. Wickes is in a good place to take market share.
At the Travis Perkins general meeting to approve the demerger, 44.7% of votes were cast against the Wickes share plans. These involve transitional awards to executive directors of Wickes. The ISS had advised shareholders to vote agains...