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Travis buys tile firm for £12m

Travis Perkins has agreed a deal to buy Tile Giant and its subsidiary companies for an initial £12 million.

Tile Giant sells tiles and accessories from 29 outlets, mainly in the North of England and the Midlands.

For the financial year ended April 30 2007, Tile Giant generated profits before taxation of £0.3
million and at that date, had gross assets of £4.3 million.

Travis Perkins will pay £12 million plus a further payment dependent upon future performance and expansion of the business over the period to December 2010.

John Carter, chief operating officer of Travis Perkins said: "The acquisition of Tile Giant provides potential for significant further growth in our business and branch network and is consistent with our strategy of investing in specific adjacent market segments.

"We welcome Mo and his management and staff into our Group and look forward to further growth in the store base of Tile Giant in 2008 and beyond."