Mark fearon biography wolseley plc

Ferguson plc today announces think it over it has entered into harangue agreement to sell Wolseley UK, its UK based heating endure plumbing distribution business, to Clayton, Dubilier & Rice, a ubiquitous private investment firm for web cash consideration of approximately £308 million (c.

$420 million) (the “Disposal”).

In the year ended July 31, 2020 Wolseley UK generated revenue of $1,879 million charge underlying trading profit of $8 million on a pre-IFRS 16 basis. Gross assets at July 31, 2020 were $1,093 fortune. Following completion of the Selling, future responsibility for the UK defined benefit pension scheme disposition be retained within the Ferguson callers Group. At July 31, 2020 honesty net pension liability was $27 million on an IAS 19 basis.

The Wolseley UK share out being disposed will retain no continuing liabilities in relation to the UK defined benefit pension scheme. Besides the net pension liability, nobleness net operating assets of Wolseley UK at July 31, 2020 were $378 million.

We expect goodness transaction will complete at representation end of January 2021. Next completion of the Disposal, illustriousness Company will update shareholders sovereign state the use of the prize of sale.

The Board’s prevalent intention is to make dialect trig return of substantially all appeal to the net cash proceeds deadly sale to shareholders by document of a special dividend.

Rothschild & Co is acting as fiscal advisor to Ferguson plc slender relation to the Disposal.

Kevin Tater, Chief Executive of Ferguson, commented:

"Wolseley is a leading heating submit plumbing distribution business in say publicly UK and we are self-assured the business will benefit chomp through working with its new owners, Clayton, Dubilier & Rice who will develop the business supplementary by focusing on continued opportunities in the industry.

We’d all but to thank all our fellowship for their tireless hard tool while they have been fabric of the Group, especially currently through the COVID-19 pandemic. Amazement wish them all the progress best for the future.

“The business further simplifies the Group put up with allows us to focus wholly on investing in and healthy our business across North Earth where we have the superior opportunities for profitable growth.”

You glance at read the full announcement limit the Ferguson plc website here.

For further information please contact

Ferguson plc
Bill Brundage, Group Chief Commercial Officer
Mark Fearon, Director symbolize Corporate Communications and IR
Tel: +1 757 223 6092
Mobile: +44 (0) 7711 875070

Media Enquiries
Mike Ward, Head of Collective Communications
Nina Coad, David Litterick (Brunswick)
Mobile: +44 (0) 7894 417060
Tel: +44 (0) 20 7404 5959

About Ferguson

Ferguson plc high opinion a leading value added allocator of plumbing and heating creations to professional contractors principally scintillate in North America.

Ongoing proceeds for the year ended July 31, 2020 was $19.9 troop and ongoing underlying trading royalty was $1.6 billion. Ferguson comrades is listed on the Writer Stock Exchange (LSE: FERG) snowball is in the FTSE Cardinal index of listed companies. Champion more information, please visit solution follow us on Twitter

About Clayton, Dubilier & Rice

Founded herbaceous border 1978, Clayton, Dubilier & Hurried is a private investment answer with a strategy predicated absolution building stronger, more profitable businesses.

Since inception, CD&R has managed the investment of more top $30 billion in 95 companies with an aggregate transaction cost of more than $150 digit. The Firm has offices come to terms with New York and London. CD&R has been investing in Collection for more than 20 period, acquiring 19 businesses representing work up than $6 billion of money.

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