Deal Card: Wolseley Plc
BDO's Birmingham Lead Advisory team has wrapped up a major deal advising Wolseley, the FTSE 100 global building products distributor, to sell its Irish businesses for £26.5m to WIBHM Limited. The sale includes Wolseley's entire interest in the Republic of Ireland including the Heat Merchants, Brooks, Tubs and Tiles and Encon trading brands and also includes the Brooks business in Northern Ireland. The combined businesses operate through a network of 67 branches and approximately 650 employees. In the year ended 31 July 2009, the businesses had combined sales of £204m and underlying operating losses of £30m. Wolseley made this disposal in line with its strategy of focusing activities where it has built sufficient scale, with established leading market positions, to ensure it can deliver an appropriate financial return.
"We are confident that the transaction we have concluded with WIBHM Limited represents a good outcome for Wolseley's shareholder. The Board are delighted with the outcome of this project". Matt Neville Wolseley UK's commercial and finance director."
Matt Neville Wolseley UK's commercial and finance director
