Travis Perkins buys solar energy firm

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

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.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021