Wickes to buy majority stake in Yorkshire firm Solar Fast for a minimum £5.1m

Home improvement giant Wickes is to take a majority stake in Yorkshire-based solar installations company Solar Fast in a multi-million deal, it has been announced.
By Chris Burn
Published 19th Mar 2024, 08:43 BST
Updated 19th Mar 2024, 08:43 BST

Wickes has announced it has agreed to acquire 51 per cent of the issued share capital of Gas Fast Limited, the parent company of Castleford-based Solar Fast.

The latter firm specialises in solar panel installations along with a smaller business installing gas boilers.

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Wickes is buying a majority stake in Yorkshire firm Solar Fast.Wickes is buying a majority stake in Yorkshire firm Solar Fast.
Wickes is buying a majority stake in Yorkshire firm Solar Fast.
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Solar Fast founder and CEO David Draper will continue to lead the business, with FCA approval for the deal expected in the coming weeks.

Wickes will pay at least £5.1m for the 51 per cent stake and has an option to purchase the remaining 49 per cent of the business within the next five years.

The final purchase price will be based on seven times EBITDA profits for 2024 up to a maximum of £18.3m for the 51 per cent stake, with the balance being paid in early 2025. Wickes will fund the purchase price from existing cash reserves.

Mr Draper 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. I, along with all of the Solar Fast team, are very much looking forward to being part of the Wickes family and to working together to make UK homeowners more energy independent."

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David Wood, Chief Executive of Wickes, said: "I am delighted to announce our acquisition of a majority stake in Solar Fast, a leading operator in the emerging and exciting market for energy saving solutions.

"This acquisition enables us to accelerate our Design & Installation growth lever, capitalising on our expertise in installing major home improvement projects.

"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.

"I'd like to take this opportunity to welcome David Draper and his impressive team to the Wickes family and we look forward to delivering our exciting plans together".

In the 12 months to 30 April 2023, Solar Fast generated revenue of £33.1m and reported profit before tax of £3.9m.

Related topics:WickesYorkshireCastlefordYorkshire Post

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