As has been recently announced by the company, Wolseley has agreed to divest 100% of its stake in Wolseley Ireland Holdings Limited to WIBHM, which is a private investor backed firm, for a total of 23.8 Million Pounds. WIHL is inclusive of the largest plumbers' merchant in the entire Republic of Ireland, Heatmerchants, which is also designated as the largest distributor of oil heating equipment across the country.
In addition, the company is also putting up for sale its Brooks business, which is in Northern Ireland. Collectively, the businesses operate via a network of as many as 67 branches and nearly 600 employees.
"I am confident that the transaction we have concluded with WIBHM Limited represents a good outcome for Wolseley's shareholders. It will also enable us to bring an even greater degree of focus on driving performance improvement in our core UK businesses", said Ian Meakins, Chief Executive of Wolseley.
Wolseley is divesting the businesses to keep up with the company's newest strategy of focusing its main activities where it has managed to build a sufficient scale, established leading positions in the market and can manage to generate effective financial returns.