UPDATED: Wolseley sells Bathstore brand

Published:  11 May, 2012

Wolseley UK is selling its Bathstore business to Endless LLP with immediate effect, it has been announced.

Wolseley UK's managing director, Steve Ashmore, said: “Wolseley has taken a strategic view in deciding to sell Bathstore. We believe it is a positive move for Bathstore and its employees and offers the best way forward for them, with an owner that is fully focused on the High Street retail market. 

“It is also a positive move for Wolseley going forward as we can concentrate entirely on our core businesses, delivering growth by providing exceptional service and access to our products through a range of channels, including our branch network and online.”

The company was sold for approximately £15 million, payable over the next five years. Endless LLP has also stated it will invest a further £11 million of capital into Bathstore to move it forward.

In 2009, Bathstore saw a turnover of £104 million, though sales had fallen in recent years, and in the nine months to 30 April 2012, the business reported a turnover of £66 million, with associated assets of £7 million in January this year.

Bathstore employs around 500 people and operates through a network of 169 stores across the UK.

Last year Wolseley sold several of its other UK brands including Build Center and Electric Center.

Bathstore, which is headquartered in Watford, recorded sales in 2011 of £95 million, delivering profits of £6.5million.

Commenting on the acquisition, Garry Wilson, managing partner of Endless, said: “Bathstore is a great retail brand with a strong market position. Fresh investment and a new status as an independent company will enable the business to focus on its future growth potential.”

Wolseley UK provides construction products and materials to the trade through a nationwide branch network. Its UK brands now include Plumb Center, Pipe Center, Drain Center, Climate Center, Parts Center and William Wilson.