Monday, Jan 19, 2009
World's largest supplier of materials to the building trade needs a bailout!
Daily Mail: Wolseley seeks £400million lifeline from investors
It is in talks with shareholders and private equity firms to raise between £200million to £400million to help pay down its £2.7billion debt pile.
The firm which owns Plumb Center, Build Center and Bathstore, has been hit by the slump in the number of homes being built. Chief executive Chip Hornsby has been talking to private equity groups about raising additional capital in a private placement.
In November, it closed 200 branches in the UK to offset tumbling profits. Around 2,380 of its 74,000 workforce will be made redundant in the next few months, with 2,000 jobs going in the UK and Ireland.
Posted by salamander @ 02:06 PM (111 views) Add Comment
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