THE FOUNDER of Somerset-based hardware store Toolstation netted a £24m windfall yesterday after Travis Perkins – owner of DIY chain Wickes – bought the company.
Mark Goddard-Watts set up the business in 2003 after leaving rival Screwfix, which he also founded, following its takeover by B&Q owner Kingfisher.
Yesterday he sold the remaining 70 per cent of Toolstation to Travis Perkins, almost three years after the UK’s largest builders’ merchant and home improvement retailer paid £18m for a 30 per cent stake in the company.
Since the first investment, Goddard-Watts has grown Toolstation from 12 outlets to 103, and established a strong internet and catalogue-based business.
“Toolstation is a great addition to our consumer division and will add to our growth in market share and returns,” said Travis Perkins’ chief executive Geoff Cooper.