Plumbers merchant Wolseley has completed the sale of its UK retail business Bathstore, as part of its non-core disposal programme.
Bathstore has been sold to a newly incorporated company backed by turnaround investor Endless LLP for £15m payable over the next five years. Endless LLP has invested £11m of new capital into the business to fund its further development.
Endless LLP is an independent UK-based private equity house which provides "financial investment and hands-on turnaround expertise to businesses facing challenges or finding themselves in special situations," the firm's website says.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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," said Wolseley's Chief Executive Ian Meakins.
Bathstore generated £66m in sales in the nine months to April 30th and had associated assets valued at £7m on January 31st.
In April, the firm completed the sale of its French plumbing and heating business Brosette to Saint Gobain, first announced on July 2011.
Shares were trading 1.2% higher at 2,273p by 14:58 on Friday afternoon.
BC
-
8 of the best properties for sale with equestrian facilitiesThe best properties for sale with equestrian facilities – from a Georgian manor in Ceredigion, Wales, to a period farmhouse with an equine swimming pool in Banbury, Oxfordshire
-
Energy bills to rise by 1.2% in January 2025Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
