Wolseley makes acquisition
Wolseley, the FTSE 100 plumbers' merchant, is set to acquire the property, stock and vehicle assets of 22 sites from Burdens, which supplies drainage and civil engineering products in the UK.
Wolseley, the FTSE 100 plumbers' merchant, is set to acquire the property, stock and vehicle assets of 22 sites from Burdens, which supplies drainage and civil engineering products in the UK.
The consideration for the purchase is set to be in the region of £30m, which includes a goodwill payment of £5.0m.
In the three months to the end of September, the sites generated revenue from ongoing business of around £40m.
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The sites will be integrated with Wolseley UK's core businesses and Wolseley will have exclusive use of the Burdens name in the UK.
Ian Meakins, Chief Executive of Wolseley said: "Like our other UK businesses, Burdens has a well established reputation. The acquisition will extend the reach of the Group's successful utilities business in the UK and gain one of the leading positions in the underground drainage sector. We warmly welcome the Burdens staff that are transferring into the Group and look forward to building the pre-eminent brand in this attractive market."
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