TP to shut 165 branches
16th June 2020

Travis Perkins has announced it is closing 165 branches and shedding 2,500 jobs on its expectation of weaker demand following the Covid-19 pandemic.

The group has more than 2,000 branches including its Wickes and Toolstation outlets but says the brunt of the closures will be borne by the TP units, especially the smaller ones where social distancing is more difficult.

The company said in a statement: “It is evident that the UK is facing a recession and this will have a corresponding impact on the demand for building materials during 2020 and 2021.”

Chief executive Nick Roberts said sales had seen some improvement in recent weeks but it was likely the forecast recession would impact into 2020 and 2021.

He continued: “The group has a robust balance sheet, strong liquidity position and I am confident that these proposed changes will enable us to trade successfully through this period of uncertainty with a cost base that better reflects the environment we are operating in.”