Wolseley tool-hire unit up for sale
Published: 05 July, 2010
LEAMINGTON SPA: Wolseley has put its tool hire business up for sale as part of a restructuring of its UK operations, the Independent on Sunday reported.
The newspaper said BDO Stoy Hayward has been appointed to sell Brandon Hire, which Wolseley bought for £72m four years ago. However, it cited an industry expert as saying Wolseley would likely "get less than half" what it paid in 2006 as the tool hire market had been badly hit by the housing downturn.
The Independent on Sunday said the deadline for first round bids was thought to be later this month. It named Cerberus, RJD Partners, Rutland Partners and turnaround group Endless as possible bidders.