Wolseley UK has entered into binding agreements with Saint-Gobain for the acquisition of Neville Lumb, DHS and Bassetts. Separately, Wolseley UK has also entered into exclusive negotiations for the acquisition of Ideal Bathrooms.
Together, these four brands employ 485 people and have 25 outlets, generating a turnover of approximately €130 million in 2020. The acquisition is expected to be completed in the first half of 2022 in what has been described as a ‘seamless transition’ with the outlets continuing to operate as normal with “no change” for customers.
Keith Dorling, Managing Director for Wolseley Plumbing and Heating, said: “Business acquisition is a key aspect of our ambitious growth strategy. The deal with Saint-Gobain to acquire Neville Lumb, DHS and Bassetts will strengthen our ability to provide the local, personal service and expertise for which we’re renowned.
“What’s more, we are proud to welcome the three businesses and their employees to the Wolseley family, with Ideal to follow close behind. We believe our employees make our business what it is, and our new recruits are joining an exciting forward-thinking business with a gold standard workplace culture, an award-winning Talent strategy, and industry-leading employee incentives and benefits.
He added: “The Plumbing & Heating Management Team is considered one of the strongest in the sector and I know we will share knowledge and best practice between us to ensure we get the optimum result.
“Through our expansion into new and existing markets and our commitment to providing opportunities for career growth, it is our ambition to combine the best components of our new acquisitions to further reinforce our position as a market leader in subject matter expertise, customer service, product range and reliability. Ultimately, our goal is to provide a sustainable service for our customers and our customers’ customers – and this is significant step towards that.”
On successful completion of these transactions, and given its divestment of the 130 Graham outlets this summer (2020 turnover: approx. €260 million), Saint-Gobain will no longer have any distribution brands specialised in plumbing, heating and sanitaryware products in the UK.
The disposals are part of Saint-Gobain’s continued portfolio optimisation strategy to enhance the Group’s “growth and profitability profile in line with the “Grow & Impact” plan objectives”.
Mike Chaldecott, CEO of Saint-Gobain UK & Ireland, said: “This sale is part of Saint-Gobain’s strategy to create a focussed portfolio of businesses directed towards high growth markets, with the expertise to Make the World a Better Home and help us achieve our vision to be a leader in light and sustainable construction.”
