Home improvement firm Wickes has acquired control of a solar panel firm and have agreed to buy a 51% majority stake in the installation company Solar Fast.
Solar Fast is valued at £36 million and Wickes will pay an initial £5.1 million once they have completed the deal and the balance will be paid early next year.
Over the next five yeas Wickes has the option to buy the remaining 49%.
Wickes also revealed that amid the acquisition revenues were down to £1.56 billion in the year to 30 December.
Wickes announced adjusted pre-tax profits of £52 million for the year compared to £75.4 million the previous year.
David Wood, chief executive of Wickes, said: “The Wickes brand has been trusted by home improvers for over 50 years and with Solar Fast as part of our proposition we will be perfectly placed to support them with their energy saving plans.”
David Draper, founder and chief executive officer of Solar Fast, said: “This is tremendous news for Solar Fast.
“We’re a family business and our vision has always been to become the number one provider in the UK for quality domestic solar installations, and with the Wickes brand behind us, we are closer to achieving that vision.”
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