Wolseley UK has sold its Encon business for an undisclosed sum in a management buy-out led by CEO Stuart Moore.
Encon includes Encon Insulation, Nevill Long, Gill Insulation & PFC Corofil and employs around 560 people and operates through a national network of 24 locations distributing insulation In the year ended July 31, 2011, its turnover was £194 million.
Wolseley UK announced internally its intention to sell Encon in July 2011stating that Encon's market sector was no longer a core strategic business activity.
Wolseley UK's managing director Steve Ashmore said: 'This decision has not been taken lightly as Encon is a sound and well-run business, but we believe it offers the best way forward for Encon and its employees under the leadership of Stuart Moore. It is also fully aligned to Wolseley UK's strategic objectives to focus on being the best merchants in our chosen core markets.'
Encon CEO, Stuart Moore said: 'As the new owner of Encon, I believe we have an excellent opportunity to drive the business forward and I truly believe we have an exciting journey ahead of us'.
In a message to customers added: 'I would like to reassure you that nothing changes for you. The Encon group of businesses remain committed to delivering the same high levels of customer service as always. The management team is committed to ensuring that customer service excellence remains Encon's number one priority.'
