Premier Farnell disposes of BuckHickman InOne
4 April 2007
News
Premier Farnell has announced that it has reached agreement to sell BuckHickman InOne to The BSS Group (BSS) for approximately £27m.
The company said the transaction represents an important continuation of Premier Farnell's strategy to focus on the faster growing electronic design engineer market.
BuckHickman is a leading UK distributor of industrial tools and supplies, distributing leading brand name products as well as those from its own well established brand 'Roebuck'. For the financial year ending 28 January 2007, the business reported sales of £99,8 m and operating losses before interest and tax of £0,8m. As at 28 January 2007 BuckHickman had gross assets of £35,4m and net operating assets of #163;18,2m.
Stated Harriet Green, Premier Farnell's group chief executive: "This sale represents another key deliverable for us against our strategy for profitable growth announced last October. Our other European businesses continue to enjoy strong performance as we pursue our global strategy to deliver profitable growth through focusing on the fast growing Electronic Design Engineering segment; extending our web offering to become a true multichannel distributor and internationalising our business model into new markets."
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