Wolseley has sold its Brandon Hire business to private investment company Rutland Partners.
Under the terms of the deal, Rutland Partners will pay £43million for Brandon Hire, which employs around 960 people and operates through a network of 177 branches. The sale is expected to complete within 30 days.

The decision to sell Brandon Hire has been made on strategic and core business activity grounds as tool and equipment hire is no longer a core business activity within Wolseley UK.

'Wolseley has taken a strategic view in deciding to sell Brandon Hire,' said Wolseley UK managing director Steve Ashmore.

'This decision has not been made lightly but we believe it offers the best way forward for Wolseley UK as well as for Brandon Hire and its employees.'