NEWS RELEASE
11 May 2012
Wolseley plc - Disposal of Bathstore
Wolseley has today completed the sale of Bathstore, its UK retail business, to a newly incorporated company backed by Endless LLP for consideration of £15 million payable over the next 5 years. As part of the transaction Endless LLP has invested £11 million of new capital into the business to fund its further development.
In the 9 months to 30 April 2012 Bathstore generated revenue of £66 million. The associated assets were £7 million at 31 January 2012 and the results of the business were classified as 'held for sale' in the half year results.
Ian Meakins, Chief Executive of Wolseley, commented:
"This disposal is in line with our strategy of focusing on our core operations. I would like to thank the staff of Bathstore for their commitment to the business and wish them every success for the future."
For further information please contact
Wolseley plc
John Martin, Chief Financial Officer |
Tel: +41 (0) 41723 2230 |
Mark Fearon, Director of Corporate Communications and IR |
Mobile: +44 (0) 7711 875070 |
Brunswick (Media Enquiries)
Michael Harrison, Sophie Brand |
Tel: +44 (0)20 7404 5959 |
Notes to statement
1. About Wolseley
Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials in North America, the UK and Continental Europe. Group revenue for the year ended 31 July 2011 was £13.6 billion and trading profit was £622 million. Wolseley has around 40,000 employees, is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.
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