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BTR, the industrial holding company, is to hive off its Graham group of builders' merchants in a stock market flotation early next year which is expected to raise £200 million.Graham, which ranks as one of Britain's largest builders' merchants, has 134 branches in the UK and a further 91 showrooms for kitchen and bathroom goods. It has a workforce of 3,000 and sales last year of £350 million.BTR will have been encouraged to float Graham by the recent strong rise in the share ...

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