Page 36 - HW FEB 2021

global eyes
Ferguson sells Wolseley seeking US expansion
HAVING SIGNALLED ITS intentions last year, in early January, Ferguson Plc confirmed the sale of Wolseley UK, its UK heating and plumbing distribution business, to global private investment firm Clayton, Dubilier & Rice for £308 million.
Seen as a good buy, in the year ended 31 July 2020 Wolseley UK generated revenue of $1.9 billion and showed an underlying trading profit of $8 million.
Ferguson intends to pass on most if not all of the net cash proceeds of the sale to shareholders by way of a special dividend.
Kevin Murphy, Chief Executive
of Ferguson, says of the deal: “We are confident [Wolseley] will benefit from working with its new owners, Clayton,
Dubilier & Rice who will develop the business further by focusing on continued opportunities in the industry.”
He adds: “The transaction further simplifies the Group and allows us
to focus entirely on investing in and developing our business across North America where we have the greatest opportunities for profitable growth.”
www.fergusonplc.com
B&Q extends hire-in-store agreement
B&Q AND SPEEDY have extended an apparently successful trial of in-store tool and equipment hire outlets.
Complementing Speedy’s own 200-strong depot network (photo above), the B&Q trial kicked off last July with Speedy concessions at nine B&Q stores and with a further five outlets scheduled to open in January.
The 90m2 Speedy in-store concessions are typically located next to the TradePoint areas within the B&Q stores and include Speedy’s
four-hour national delivery promise, with customers now able to order and collect Speedy products seven days a week.
Russell Down, Chief Executive of Speedy, says of the arrangement: “We are delighted to be trialling Speedy concessions in B&Q stores. These will make the option of hiring tools and equipment much more accessible to DIY customers and enable trade customers to hire equipment seven days a week.
“Customers can hire products to take away, or with our unique four- hour delivery promise, they can order equipment in the knowledge that it will arrive shortly after they return home.”
For B&Q, Chris Bargate, Director of Business Development, says: “We’re excited by the potential re-use of our space to offer new services in store and are keen to understand how customers respond.”
www.speedyservices.com/ speedy-bandq
34 NZHJ | FEBRUARY 2021
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