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| Travis Perkins says 600 jobs at risk amid branch closures | Travis Perkins says 600 jobs at risk amid branch closures |
| (3 days later) | |
| The UK's biggest builders merchant, Travis Perkins, is closing 30 branches, putting 600 jobs at risk. | The UK's biggest builders merchant, Travis Perkins, is closing 30 branches, putting 600 jobs at risk. |
| The company, which employs 28,000 people and has 2,060 stores, said it was taking the steps due to an "uncertain UK outlook" for next year. | The company, which employs 28,000 people and has 2,060 stores, said it was taking the steps due to an "uncertain UK outlook" for next year. |
| Profits will also be lower than expected this year due to weak sales in its plumbing and heating division. | Profits will also be lower than expected this year due to weak sales in its plumbing and heating division. |
| The firm is closing branches of Travis Perkins, Benchmarx, BSS and PTS, but not its DIY store Wickes. | The firm is closing branches of Travis Perkins, Benchmarx, BSS and PTS, but not its DIY store Wickes. |
| 'Uncertainty' | 'Uncertainty' |
| Chief executive John Carter said it was "still too early to predict customer demand in 2017 with certainty". | Chief executive John Carter said it was "still too early to predict customer demand in 2017 with certainty". |
| "Given this uncertainty we will be closing over 30 branches and making further efficiency driven changes in the supply chain." | "Given this uncertainty we will be closing over 30 branches and making further efficiency driven changes in the supply chain." |
| The 600 affected workers have been told of the changes, while the firm is also closing 10 smaller distribution centres and writing off IT equipment. | The 600 affected workers have been told of the changes, while the firm is also closing 10 smaller distribution centres and writing off IT equipment. |
| Charlie Campbell, an analyst at Liberum, said it was not clear whether the company's problems were "due to uncertainty around the EU referendum and its after-effects or a sign of more fundamental weakness". | Charlie Campbell, an analyst at Liberum, said it was not clear whether the company's problems were "due to uncertainty around the EU referendum and its after-effects or a sign of more fundamental weakness". |
| Travis Perkins was one of the biggest fallers on the FTSE 100 following the Brexit vote on fears of a hit to the UK's property and construction sectors. | Travis Perkins was one of the biggest fallers on the FTSE 100 following the Brexit vote on fears of a hit to the UK's property and construction sectors. |
| Shares in the company fell 7% in morning trading on Wednesday, and are down more than 22% since the referendum. | Shares in the company fell 7% in morning trading on Wednesday, and are down more than 22% since the referendum. |
| What does Travis Perkins do? | What does Travis Perkins do? |
| The company traces its roots back to a group of joiners and carpenters in the City of London in 1797. | The company traces its roots back to a group of joiners and carpenters in the City of London in 1797. |
| Later calling itself Travis & Arnold, it went on to specialise in timber, before merging with construction suppliers Sandell Perkins in 1988 to form the Travis Perkins group. | Later calling itself Travis & Arnold, it went on to specialise in timber, before merging with construction suppliers Sandell Perkins in 1988 to form the Travis Perkins group. |
| Through a string of acquisitions, it has became the biggest supplier to the UK's builders and home improvers, with more than 20 businesses. | Through a string of acquisitions, it has became the biggest supplier to the UK's builders and home improvers, with more than 20 businesses. |
| Some of those - Wickes and Travis Perkins itself - are household names. Others like BSS, which sells heating pipes, and PTS, with its focus on plumbing supplies, are less well-known outside the trade. | Some of those - Wickes and Travis Perkins itself - are household names. Others like BSS, which sells heating pipes, and PTS, with its focus on plumbing supplies, are less well-known outside the trade. |
| Analysts expect Travis Perkins to make sales of more than £6bn this year and core profits of just under £415m. | Analysts expect Travis Perkins to make sales of more than £6bn this year and core profits of just under £415m. |
| But with almost all its business focused on the UK, they are concerned it would be hit by any slowdown in UK housing and construction following the Brexit vote. | But with almost all its business focused on the UK, they are concerned it would be hit by any slowdown in UK housing and construction following the Brexit vote. |