Materials firm sells interests in Republic of Ireland and Northern Ireland to WIBHM for £23.8m

Wolseley has sold the Irish arm of its business to WIBHM, a private investor backed company, for total of £23.8m.

The deal includes the company’s interest in the Republic of Ireland including the Heat Merchants, Brooks, Tubs and Tiles and Encon Ireland trading brands and also includes the Brooks business in Northern Ireland.

The combined businesses operate through a network of 67 branches and have about 650 employees.

The company says the sale is in line with its strategy of focusing its activities where it has built sufficient scale, has established leading market positions and can deliver an appropriate financial return.

Ian Meakins, chief executive of Wolseley, said: "I am confident that the transaction we have concluded with WIBHM represents a good outcome for Wolseley's shareholders. It will also enable us to bring an even greater degree of focus on driving performance improvement in our core UK businesses."