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Dublin-based Grafton Group already has a secondary listing in London, but now it intends to use it as its primary listing.
Grafton will maintain its operations in Ireland but hope to raise money via the London listing. Grafton owns UK building supply merchants such as Selco and Buildbase, making it one of the biggest suppliers in the country. Its Irish operation was the most profitable division until the housing crash in 2007, but today it accounts for just 25% of total profit.
Grafton will now now get the dual benefit of paying less in corporation tax by being based in Dublin, while its listing on the LSE enhances its investor profile.
The Group has a market capitalisation of £1.4 billion and hopes to be included in the FTSE Mid 250 index following November’s reshuffle.