Wolseley to offload three businesses
Wolseley has put three of its UK businesses up for sale amid a crisis in the construction industry. The builders merchant plans to offload building trade supplier Build Center, electrical products wholesaler Electric Center, and insulation specialist Encon.
Bankers at Bank of America Merrill Lynch have been appointed to handle the sale, which is expected to raise £300million.
Wolseley suffered two years of losses as it felt the pain from the crash in the British, European and American property markets, but returned to profit in the first half of the year.
Build Center supplies builders through a network of 200 stores but has struggled with the problems facing the construction industry during the recession.
Chief executive Ian Meakins is likely to be questioned about the sale when the company updates analysts and investors on recent trading.
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