Travis Perkins joins rights issue trail for £300 million

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Not that he is predicting recovery in housing market in the immediate future. He said: "We will probably hit the trough in the middle of this year and then things will be flat right through 2010 and no recovery until 2011."

The firm is offering shareholders seven new shares for every 10 they own at 365p, which is a massive 52% discount to Friday's closing share price of 753½p. The issue is fully underwritten by HSBC and Citigroup.

Cooper said the new cash would primarily be used to cut the group's £985 million of debt, but he also expected several opportunities to crop up as the recession continues.

"We are looking at buying out some leases from landlords who are keen to raise cash and there are bound to be chances to pick up liquidated stock from competitors who go under," he said.

Trading in the first four months of the year has pretty much tracked Cooper's expectations with sales down 14%.

But within that, the Wickes offshoot that is more consumer than trade focused has been more robust with a 2% fall in sales as it picked up business from bust competitors particularly MFI. Bathroom and kitchen sales are 12 % ahead of last year's with orders running even faster ahead.