| Brandon Hire sold by Wolseley |
By: Rebecca Hubbard
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Posted: Tuesday, August 24, 2010 10:20 am
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Private investment company Rutland Partners has bought the Brandon Hire business off Wolseley, heating and plumbing product distributor.
Rutland Partners will pay £43million for Brandon Hire and anticipates that the sale will be completed within 30 days. The company employs around 960 people and operates 177 branches.
Ever since Ian Meakins, Wolseley chief executive, stated that 19 Wolseley businesses would be reviewed and sold off if they could not be made to perform, the sale of the business was expected. According to the firm, the decision to sell has been made on strategic grounds as tool and equipment hire is no longer a core business activity within Wolseley UK.
Steve Ashmore, Wolseley UK managing director, said: "Wolseley has taken a strategic view in deciding to sell Brandon Hire.
"This decision has not been made lightly but we believe it offers the best way forward for Wolseley UK as well as for Brandon Hire and its employees."
Brandon Hire was bought by Wolseley in 2006 when it had 143 branches. |
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