On Friday, May 11th, Wolseley completed the sale of Bathstore, its UK retail business, to a newly incorporated company backed by Endless LLP for consideration of £15 million payable over the next 5 years. As part of the transaction Endless LLP has invested £11 million of new capital into the business to fund its further development.
In the nine months ending 30 April 2012, Bathstore generated revenue of £66 million. The associated assets were £7 million 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. I would like to thank the staff of Bathstore for their commitment to the business and wish them every success for the future.”
