The UK’s largest builders merchant, Travis Perkins, is to spare its Kent staff the axe as it aims for efficiency savings on the back of an ‘uncertain UK outlook’.
The firm has a total of 18 outlets across Kent, with a further ten stores trading under its subsidiary company, Wickes.
Of these, two Travis Perkins outlets are in Tunbridge Wells, alongside the Wickes store on Longfield Road in the industrial estate. There is also a Travis Perkins depot in Tonbridge.
Other brands owned by the company that are also under threat include Benchmarx, BSS and PTS.
Across the county, 600 employees of the firm have been notified that their jobs are at risk.
The company’s share price has suffered heavily since the referendum over fears of a slowdown in the UK’s housing and construction industry, with shares down 22 per cent when the restructuring was announced on Thursday [October 20].
Analysts expect Travis Perkins to make sales of more than £6billion this year and core profits of just under £415million.