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Wolseley sells Bathstore to Endless LLP

Wolseley, 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, has completed the sale of Bathstore, its UK retail business.

It has been sold to a newly incorporated company backed by Endless LLP for consideration of £15m payable over the next five years. As part of the transaction Endless has invested £11m of new capital into the business to fund its further development.

In the nine months to 30 April 2012 Bathstore generated revenue of £66m. The associated assets were £7m 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."

Source : Stockmarket Wire

11 May 2012

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