Irish timber and builders merchant Heiton Holdings plc has successfully sold off a minority stake for €7m (£4.49m).

The money was raised via the placing of 1.85 million ordinary shares, representing 4% of the company’s share capital, with institutional investors.

News of the share issue follows the sale of Heiton’s one-acre builders merchant site at Ringsend, Dublin to Green Property plc for IR£10.8m (£9.15m) in cash.

Heiton is to transfer the Ringsend business to a three-acre leased facility at East Road, Dublin 1. All staff employed at Ringsend will be re-located to the new site or transferred to another Heiton branch.

The funds raised from the share placing and disposal are to be used to boost the com-pany’s geographic presence. The e319m-turnover company, which currently has 52 branches, wants to speed up its opening programme.