Travis Perkins to return plumbing unit sale cash through special divi, buyback

Builder's merchant Travis Perkins on Tuesday said it was returning the net proceeds from the £325m sale of its plumbing business earlier this year to shareholders through a special dividend and share buyback.

Shareholders will get a special dividend of about £79m, representing 35p per share. The share buyback will payout £100m in its first tranche.

The initial programme would start on October 1 and end on or before March 24 next year. Any further tranches of the buyback programme would be announced in due course, the company said.

Travis Perkins in May said it was selling its plumbing and heating division to an affiliate of HIG Capital.