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 Β£15 million payable over the next 5 years. As part of the transaction Endless LLP has invested Β£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 Β£66 million. The associated assets were Β£7 million at 31 January 2012 and the results of the business were classified as βheld for saleβ in the half year results.
Ian Meakins, Chief Executive of Wolseley, commented: βThis 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.β