Wolseley move has cost UK £23m

Published:  05 October, 2011

UK: Britain has lost out on £23m in tax revenues this year, following Wolseley's decision to move its headquarters to Switzerland.

The report in the Evening Standard added that the national merchant's chief executive, Ian Meakins, said it would take new legislation to make his company reconsider returning to these shores.

The company reported profits of £391m in the year to July, compared to a £328m loss last year.

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