Grafton has been on a journey towards assembling a portfolio of higher margin operations with an increasing focus on non-traditional merchanting businesses. This is the context for the announcement of a review of its traditional merchanting businesses in Great Britain. There clearly is no certainty of any action; however, if it does lead to a sale, it will represent a big change in the group’s composition. We estimate the businesses under review have a revenue base of circa £1bn, 35-40% of Grafton’s overall turnover. Any sale would also bolster Grafton’s already very healthy financial position and would therefore further enhance its capital allocation options.
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