Wolseley sells its Irish arm in £24m deal
Leamington FTSE 100 company Wolseley has sold its Irish businesses for £23.8m. The building-products distributor has sold Wolseley Ireland Holdings Limited (WIHL) to WIBHM Limited, a private-investor-backed company. The Birmingham office of accountancy firm BDO was lead adviser on the deal. WIHL comprises Wolseley’s entire interest in the Republic of Ireland, including the Heat Merchants, Brooks, Tubs and Tiles and Encon trading brands, as well as the Brooks business in Northern Ireland. The combined businesses operate through a network of 67 branches and have approximately 650 employees. Matt Neville, Wolseley UK’s commercial and finance director, said: “We are disposing of our Irish businesses in line with the Wolseley strategy of focusing our activities where we have built sufficient scale, with established leading market positions, to ensure we can deliver an appropriate financial return.” John Stephan, corporate finance partner at BDO Birmingham, said: “This is the most significant corporate deal done in the Midlands for some time and proof that the regional corporate finance market is showing real signs of recovery.” For Insider comment, click here.
