The deal with HIG Capital for the £1bn revenue P&H operation is now expected to be finalised within the next three months.

Following on from the demerger of Wickes in April 2021, Travis Perkins has now simplified its portfolio, strengthening the group’s balance sheet to also return net proceeds to shareholders.

Nick Roberts, Chief Executive, said: “Today marks another important step on our journey to becoming a simplified Group, focused on our market leading trade businesses.

“A significant amount of work has gone into improving the P&H business over the last few years and I am sure that the business will continue to make excellent progress under the ownership of HIG.”

He added: “Looking forward, the group has a bright future as the leading provider of building products in the UK and we look forward to setting out our plans later in the summer to continue to drive growth.”