Wolseley is to spend £100m on slashing 800 jobs and closing 80 branches in the UK.
The worlds largest supplier of plumbing and heating products outlined the cutbacks as part of a review of its British operation, which has been hit by tough competition and tepid demand in the property repair, maintenance and improvement market.
Wolseley, which owns brands such as Plumb Center, said the overhaul of its UK business was intended to generate annual cost savings of up £25m-£30m over two to three years once complete. The division accounts for only 8 per cent of the FTSE 100 groups trading profit, with the majority coming from its US arm.
John Martin, chief executive, said the objectives were to improve customer service levels, increase …
Read the full article at: https://www.ft.com/content/d5d70fbe-848b-11e6-a29c-6e7d9515ad15