Wickes has agreed to acquire 51% of the issued share capital of Gas Fast Limited, the parent company of solar installations firm, Solar Fast.

The move will allow Wickes to expand its offering into the fast-growing market for home energy solutions, initially with solar and gas boilers, and in time air source heat pumps and other services.

Solar Fast, which focuses on solar panels installations, also has a smaller business for installing gas boilers.

The UK market for domestic solar installations is highly fragmented and is expected to expand significantly from an estimated £1.1bn in 2024 to £1.5bn in 2028, as homeowners and landlords retrofit their properties to save energy costs and reduce their environmental impact.

Wickes has suggested that it is “well placed” to take a leading share of the solar installations market and that the Solar Fast acquisition enables it to expand its range of design and installation services.

Chief executive of Wickes, David Wood, commented: “This acquisition enables us to accelerate our design and 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.”

Wickes, which is funding the purchase price from existing cash reserves, will pay £5.1m at completion of the transaction as a minimum payment for the 51% equity stake, with the balance to be paid in early 2025.

The group also has an option to purchase the remaining 49% of the issued share capital of Solar Fast, which may be exercised during the five years following completion.

Solar Fast founder and CEO, David Draper, will continue to lead the business in collaboration with the Wickes team, who will help bring the Solar Fast proposition to Wickes customers in store and online.

He added: “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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