Travis Perkins buys solar energy firm

Building materials group Travis Perkins has bought renewable energy firm, Solfex Energy Systems, for eight million pounds.

The firm said that Solflex, which focuses on solar thermal and photovoltaic products, would be a valuable addition to its plumbing and heating division.

"Our strategy of offering our customers an integrated approach to energy efficient building will be greatly enhanced by the market leading proposition created by the Solfex team," said Chief Executive Geoff Cooper.

In its last financial year, Solfex reported revenues of £21.9m and an operating profit of £2.2m.

The initial cash payment of £8m for the firm would be supplemented by further amounts dependent on performance.

Travis Perkins noted that Solfex generated a cumulative annual revenue growth rate of 179% over the past three years.

In December 2012 it was listed as the UK's fifth fastest growing private company in the Sunday Times Virgin Fast Track 100.