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Lords Group Trading PLC - London-based distributor of building, plumbing, heating and DIY goods - Buys 90% interest in plumbing and heating businesses DH&P Trade Counters Holdings Ltd and DH&P HRP Holdings Ltd for a total of £9.3 million. The remaining 10% interest in DH&P will be retained equally by the business' current vendors, who will remain in their management roles with the business. The deal is being funded existing resources and is expected to be immediately earnings accretive, Lords Group says.
‘We are delighted to announce this excellent extension of Lords' plumbing and heating business,’ Chief Executive Shanker Patel says, adding: ‘Importantly, the acquisition will be highly complementary to our existing Mr Central Heating and APP Wholesale businesses within the Plumbing & Heating division and will help to increase our customer base, broaden our product offering and enhance our UK geographic coverage.’
Current stock price: 101.76 pence; up 1.8% on Friday
12-month change: up 1.8%
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