Wolseley to lose 800 staff as it reveals cuts aimed at plugging leaky balance sheet
Plumb Center owner Wolseley has announced plans to axe 800 jobs in the UK as it looks to plug leaks in its balance sheet.
The losses will stem from the closure of 80 Plumb Center branches and a distribution centre, as the building supplies group reported a UK trading profit of £74million, down £16million from last year.
It attributed the loss to a decline in its core repair, maintenance and improvement markets.
But across the group, the FTSE 100 firm posted a 43 per cent jump in profits from £508million to £727million for the year to July 31, following healthy growth in Ferguson, its US... read more
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