Windfall for Toolstation founder as Travis Perkins secures full control

The founder of hardware supplier Toolstation has secured a £24 million windfall after Wickes owner Travis Perkins took full control of the company.

Travis bought 30% of the business for £18 million in 2008 and today bought the rest of it, taking the total paid so far to £42 million with further payments possible over the next two years if it hits targets.

Toolstation, based in Bridgwater, Somerset, was set up in 2003 by Mark Goddard-Watts, the founder of rival tool supply firm Screwfix, which he left after a takeover by B&Q owner Kingfisher.

Travis, the UK's largest builders' merchant and home improvement retailer, said Toolstation, which has 103 outlets and a strong internet and catalogue-based sales business, will be a "significant profit generator" for the group.

PA