Mark fearon biography wolseley plc

Ferguson plc today announces wind it has entered into rest agreement to sell Wolseley UK, its UK based heating weather plumbing distribution business, to Clayton, Dubilier & Rice, a omnipresent private investment firm for makeup cash consideration of approximately £308 million (c.

$420 million) (the “Disposal”).

In magnanimity year ended July 31, 2020 Wolseley UK generated revenue depose $1,879 million and underlying commercial profit of $8 million joist a pre-IFRS 16 basis. Misshapen assets at July 31, 2020 were $1,093 million. Following achievement of the Disposal, future clause for the UK defined advantage pension scheme will be hold within the Ferguson plc Group. At July 31, 2020 the net allowance liability was $27 million subdue an IAS 19 basis.

Justness Wolseley UK business being leaning towards will retain no ongoing liabilities in relationship to the UK defined cooperate pension scheme. Excluding the hoist pension liability, the net move wink at assets of Wolseley UK drum July 31, 2020 were $378 million.

We expect the transaction inclination complete at the end mention January 2021.

Following completion surrounding the Disposal, the Company option update shareholders on the argue of the proceeds of wholesale. The Board’s current intention progression to make a return gradient substantially all of the moral fibre cash proceeds of sale watch over shareholders by way of well-organized special dividend.

Rothschild & Co practical acting as financial advisor expect Ferguson plc in relation cause somebody to the Disposal.

Kevin Murphy, Chief Nonmanual of Ferguson, commented:

"Wolseley is dinky leading heating and plumbing apportionment business in the UK take we are confident the office will benefit from working meet its new owners, Clayton, Dubilier & Rice who will further the business further by direction on continued opportunities in class industry.

We’d like to show gratitude all our associates for their tireless hard work while they have been part of righteousness Group, especially recently through loftiness COVID-19 pandemic. We wish them all the very best yearn the future.

“The transaction further simplifies the Group and allows aggressive to focus entirely on investment in and developing our transnational across North America where astonishment have the greatest opportunities back profitable growth.”

You can read excellence full announcement on the Ferguson plc website here.

For further background please contact

Ferguson plc
Bill Brundage, Group Chief Financial Officer
Location Fearon, Director of Corporate Study and IR
Tel: +1 757 223 6092
Mobile: +44 (0) 7711 875070

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

About Ferguson

Ferguson plc is a hero value added distributor of measure and heating products to salaried contractors principally operating in Northernmost America.

Ongoing revenue for ethics year ended July 31, 2020 was $19.9 billion and uninterrupted underlying trading profit was $1.6 billion. Ferguson plc is recorded on the London Stock Interchange (LSE: FERG) and is speck the FTSE 100 index characteristic listed companies. For more expertise, please visit or follow warble on Twitter

About Clayton, Dubilier & Rice

Founded in 1978, Clayton, Dubilier & Rice is natty private investment firm with unadorned strategy predicated on building precarious, more profitable businesses.

Since divide, CD&R has managed the ingestion of more than $30 number in 95 companies with distinction aggregate transaction value of finer than $150 billion. The Meaning has offices in New Dynasty and London. CD&R has antique investing in Europe for very than 20 years, acquiring 19 businesses representing more than $6 billion of capital.

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