Travis Perkins to close 165 stores in wake of Covid-19

Travis Perkins is set to cut 2,500 jobs and close 165 stores in the wake of the Covid-19 pandemic.

The builders' merchant owns Wickes and Toolstation brands, and is cutting around 8 per cent of its 2,154 branches nationwide.

It has not been made public which stores will close.

We do not expect a return to pre-Covid trading conditions for some time

Nick Roberts, chief executive, said: "The Covid-19 pandemic has created significant challenges across our group and I have been hugely encouraged by the flexibility of our colleagues to adapt our business models successfully and at pace, which has enabled us to maintain safe working practices whilst continuing to provide an effective service to our customers.

"Whilst we have experienced improving trends more recently, we do not expect a return to pre-Covid trading conditions for some time and consequently we have had to take the very difficult decision to begin consultations on the closure of selected branches and to reduce our workforce to ensure we can protect the group as a whole.

"This is in no way a reflection on those employees impacted and we will do everything we can to support them during this process.

“The group has a robust balance sheet, strong liquidity position and I am confident that these proposed changes will enable us to trade successfully through this period of uncertainty with a cost base that better reflects the environment we are operating in."