Grafton shares fall 2% as it sells Plumbase in Britain

Grafton Group shares fell 2% after the builders’ merchants said it had sold its well-known plumbing supplies firm Plumbase in Britain for a net £60.7m (€68.3m), deal analysts said was consistent with it getting out of low-profit yielding and competitive businesses.

The UK is an important market for Grafton where it generates over half of its revenues. It generates over a third in the Republic, where it owns Chadwicks, Heiton Buckley, the Panelling Centre, and the 35 DIY Woodie’s stores.