Global law firm Ashurst is advising Citigroup Global Markets Limited and Deutsche Bank AG, London Branch on the proposed demerger of the Wickes Group from Travis Perkins plc (“Travis Perkins”).

It is proposed that Wickes Group plc will be admitted to listing on the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange. Citigroup and Deutsche Bank are acting as joint financial advisors and joint sponsors to Travis Perkins and Wickes.

Travis Perkins initially announced its intention to demerge Wickes in July 2019, but had placed the process on hold in March 2020 as a result of the level of uncertainty around the impact of the COVID-19 pandemic. With the Group and Wickes having demonstrated the resilience of their operating models through 2020, it was announced in March 2021 that the process would recommence.

The Ashurst team was led by partner and head of ECM Nicholas Holmes, with support from counsel Jeffrey Johnson, senior associates Louise Chan and Marianna Kennedy and associates Demi Pham, Anxin Hua and Krishna Parikh.

The demerger is expected to provide the Travis Perkins and Wickes with a number of opportunities and benefits, including enabling the respective management teams to pursue their own unique strategies independently. It is to be effected by way of an in specie distribution of Wickes shares to Travis Perkins shareholders and, as the demerger constitutes a class 1 transaction for Travis Perkins and requires the approval of its shareholders.

Completion of the demerger and admission of Wickes’ shares is expected to take place on 28 April 2021.