Travis Perkins has hired former Taylor Wimpey boss, Pete Redfern, as its next chief executive.

Redfern is replacing Nick Roberts, who is standing down after a five-year stint that proved to be a challenging period for Britain's biggest building materials supplier.

Travis Perkins' profits slumped by around 80 per cent to £38million last year as rising interest rates and cost-of-living pressures led to lower new-build housing and renovation demand.

Following the result, the Northampton-based company said it was reviewing some of its Toolstation businesses across Europe.

Travis Perkins also warned that demand would remain subdued over the coming year, with the UK construction sector's recovery 'unlikely to gather any momentum' before the general election.

The FTSE 250 firm subsequently revealed that its revenue declined by 4.9 per cent in the opening three months of 2024 due to weak trading at its general merchanting division.

Jez Maiden, interim chair of Travis Perkins, said Redfern would join 'at an important time for the group as we focus on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business'.

During Redfern's tenure running Taylor Wimpey from 2008 to 2022, the company successfully rebounded from the global financial crisis to become one of Britain's largest housebuilders.

Its sales and profits received a significant uplift from the Covid-19 pandemic, thanks to the surge in people working from home and record low interest rates.

These factors simultaneously bolstered Travis Perkins as many homeowners with excess savings completed much-needed renovations.

However, both Taylor Wimpey and Travis Perkins have seen trade slow in the past two years as rising inflation and mortgage rates have reduced home affordability.

The former expects to construct between 9,500 and 10,000 properties in 2024, compared to 10,848 last year and 14,154 the year before.

Redfern said his 'initial focus' after he joins on 16 September will be 'implementing and adding to the actions already underway to improve operational execution and increase the focus on efficiency and cash generation'.

Taylor Wimpey also announced that Geoff Drabble, the ex-head of rental equipment firm Ashtead Group, will become its next chairman from the start of October.

Drabble, 64, currently chairs plumbing products supplier Ferguson and packaging business DS Smith, which recently accepted a £5.8billion takeover bid from the US-based International Paper Company.

Maiden said Drabble, who is succeeding Jasmine Whitbread, 'brings a deep and relevant skill set to the board, particularly with respect to building materials distribution and equipment hire'.

Travis Perkins shares were up 3.9 per cent to 832.5p on Wednesday morning and have more than halved over the past three years.