The builders merchant announced to the stock market today that it would be shelving the planned demerger of Wickes and suspended paying a full-year dividend to shareholders due to the “rapidly evolving situation” with the virus.

It said “good progress” had been made on the demerger in recent months but said ongoing market volatility meant the process would be paused so the Travis Perkins board can “focus on managing the group through the current challenges”.

Travis Perkins said it was “impossible to know exactly when it will be appropriate” to restart the process but said its intent to decouple Wickes as a separate, listed business “remains unchanged”.