Ideal Hardware will part company with its parent, InterX, to concentrate on building up its distribution business.
The split will enable InterX to focus on its own development of Internet activities. Ideal Hardware is expected to complete the separation from InterX during the next six months.
Ian French, chief executive of Ideal, said the split would help Ideal Hardware expand its business through acquisition and organic growth because it would no longer be held back by national boundaries. He claimed that the distribution group was hitting its targets despite the continued adverse market conditions which are impacting both margin and cash flow throughout the industry.
According to the chairman's statement, Ideal Hardware will continue to fund the growth of InterX but has admitted that it will be unable to pay dividends to shareholders in the short to medium term.
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