Know what you want? Try our 'Supplier Directory' 

Wolseley gets rid of its Irish businesses

Wolseley is selling its business Wolseley Ireland Holdings (WIHL) to private investor-backed firm WIBHM, for £23.8m (€26.5m).
WIHL comprises Wolseley's entire interest in the Republic of Ireland including the Heat Merchants, Brooks, Tubs and Tiles and Encon Ireland trading brands and also includes the Brooks business in Northern Ireland. The combined businesses operate through 67 branches and 650 employees.

As part of the deal, cash consideration of €6.5 million (£5.8 million) was paid on completion and the balance of €20m (£18m) will be satisfied through a loan note issued in favour of Wolseley.

In the year ended July 31, 2009, the heating and plumbing supplier's WIHL businesses had combined sales of €237m (£204m) and operating losses of €34m (£30m). On a pro forma basis, sales for the five months ended December 31, 2009 were €75m (£67m) and operating losses were €5m (£4.6m).

The board of Wolseley said it is 'disposing of the businesses in line with its strategy of focusing its activities where we have built sufficient scale, established leading market positions and can deliver an appropriate financial return'.

'I am confident that the transaction we have concluded with WIBHM represents a good outcome for Wolseley's shareholders', said Ian Meakins, chief executive of Wolseley. 'It will also enable us to bring an even greater degree of focus on driving performance improvement in our core UK businesses', he added.
11 January 2010

Comments

Already Registered?
Login
Not Yet Registered?
Register

Last chance to enter HVR Awards 2024

This is your final chance to enter this year's HVR Awards as entries close on Friday June 21. Go to www.hvrawards.com for all the details and enter at www.hvrawards.com/enter...

  20-Jun-2024

Rinnai Installer Show 2024

Exclusive Low Carbon Product Launches - in Hydrogen & RDME / Hybrids / Heat Pumps / Electric / Solar)

  21-Jun-2024

STOKVIS R600

CONDENSING ULTRA LOW NOx PREMIX COMMERCIAL BOILER
  10-Jan-2019
Heating & Ventilating Review is the number one magazine in the HVAR industry. Don’t miss out, subscribe today!
Subcribe to HVR

Diary

HVR Awards 2024