Wolseley considers future of French business
The plumbing and building supplies group Wolseley said it was considering the future of its French business after difficult market conditions in continental Europe continued to hit trade.
Wolseley said on Tuesday it would “explore strategic options” for the future of its businesses in France where it intends to start a consultation process with its employees.
“In light of this review the appropriate carrying value of these (French) assets will be assessed at year-end and this is likely to give rise to a non-cash impairment charge,” Wolseley said.
The company, which operates the Plumb Centre and Ferguson chains in the UK and the United States, said it had incurred one-off restructuring costs of around £20m since 1 August, 2011.
It also expects a non-cash impairment charge to hit its Danish business.
Wolseley recently reported a sharp drop in third-quarter sales in Europe, sending its shares down sharply.