WOLSELEY, THE UK quoted builders merchants group that quit the Irish market in January, made a loss of €68 million in the Republic in the year to the end of July 2009.
This was its last full year of business in Ireland. This compared with a loss of €17.3 million in 2008, according to accounts just filed for Wolseley Ireland Ltd. The company had accumulated losses of €34.6 million at the end of last July.
Accounts show sales in the period fell by 41 per cent to €205.7 million as the economy imploded. This comprised revenues for its three businesses in the Republic: Brooks, Heat Merchants, and Tubs and Tiles.
Last year’s loss included rationalisation costs of €42.1 million. This related to staff reductions and branch closures. It also included €3.9 million in impairment costs on freehold properties.
On January 8th, Wolseley sold its Irish assets, including the Brooks business in Northern Ireland, to WIBHM Ltd, a private investor-backed group for €26.5 million. This comprised a cash payment of €6.5 million and a €20 million loan note issued in favour of Wolseley at a coupon of 10 per cent, to be repaid within one year.
The combined businesses operate through 67 branches and employ about 650 staff.
