Tue, 06 Jul 2010 | BUSINESS SALE
As part of a restructure of its UK operations, the world's biggest builder's merchant distributor, Wolseley, has put its tool hire business up for sale.
Wolseley paid £72 million for the business, Brandon Hire, in 2006 and has hired BDO Stoy Hayward to sell it on their behalf.
The FTSE 100 building products giant is selling up in a bid to cut its net debt, which spiralled to almost £1.1 billion earlier this year.
However, due to the impact the housing downturn has had on the tool hire market, industry experts have said that Wolseley would be likely to get 'less than half' of what it paid four years ago.
Possible bidders for Brandon Hire have been named as Cerberus, RJD Partners, Rutland Partners and turnaround group Endless.
The deadline for first round bids is expected to be scheduled for later this month.
Wolseley's chief executive, Ian Meakins, announced plans for the future of the company back in March of this year, indicating that 19 of 41 operating businesses were to be placed in a holding pot called 'performance builders.'
If the financial performance of these businesses did not improve quickly, they would possibly be sold by the group, he said.
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