Wickes Group has agreed terms to acquire a 51 per cent stake in Gas Fast Ltd, parent of Solar Fast, which installs solar panels. Solar Fast has installed some 3700 solar systems over the past two years and for the year to 30 April 2023 generated revenue of £33.1m. Wickes is paying £5.1m at completion of the transaction as a minimum payment for the 51 per cent equity stake, with the balance to be paid early in 2025. It also has the option to acquire the remaining 49 per cent.
David Wood, CEO 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.”
Solar Fast’s founder and CEO will continue to work with the Wickes team to lead the business’s development and growth.
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