Wolseley UK has today announced the sale of its Encon business in a management buy-out led by Managing Director Stuart Moore for an undisclosed amount.
Encon employs around 560 people and operates through a national network of 24 locations. In the year ended July 31, 2011, its turnover was £194 million.
Wolseley UK announced internally its intention to sell Encon on 25 July 2011, having taken the decision that the market in which Encon operates is no longer part of its core strategic business activities.
Wolseley UK’s Managing Director Steve Ashmore said: “This decision has not been taken lightly as Encon is a sound and well-run business, but we believe it offers the best way forward for Encon and its employees under the leadership of Stuart Moore. It is also fully aligned to Wolseley UK’s strategic objectives to focus on being the best merchants in our chosen core markets.”
Stuart Moore added: “As the new owner of Encon, I believe we have an excellent opportunity to drive the business forward and I truly believe we have an exciting journey ahead of us”.
For further information contact:
Francesca Hanikova, External Communications Manager, Wolseley UK
Tel: 01926 705435 or 07801 928861
Email: Francesca.hanikova@wolseley.co.uk
Or
Gill Holtom, PR Director, Wyatt:
Tel: 0121 454 8181 or 07715 475419
Email: gholtom@wyattinternational.com
Notes
- Wolseley UK provides construction products and materials through a nationwide branch network, including Plumb Center, Build Center, Pipe Center, Drain Center, Climate Center, Parts Center, and William Wilson.
- Wolseley is committed to meeting customer needs by providing the right products and services when and where they are needed, at competitive prices. Its customers are anyone who constructs and maintains buildings and range from the largest construction companies to government organisations to self-employed contractors.
Wolseley UK is a subsidiary of Wolseley plc.
- Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors, and a leading supplier of building materials in North America, the UK and Continental Europe. Group revenue for the year ended 31 July 2011 was £13.6 billion and operating profit, before exceptional items and the amortisation and impairment of acquired intangibles, was £622 million. Wolseley has around 46,000 employees operating in 23 countries and is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.
- Further information on Wolseley is available on www.wolseley.co.uk.