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Global HVAC distributor Wolseley completed the sale of Bathstore, its U.K. retail business, to a newly incorporated company backed by Endless LLP for £15 million (US$24.1 million), payable over the next 5 years. As part of the transaction Endless LLP has invested £11 million (US$17.7 million) of new capital into the business to fund its further development.
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In the nine months ending April 30, 2012, Bathstore generated revenue of £66 million (US$106.1 million).
The disposal is in line with Wolseley's strategy of focusing on its core operations, according to CEO Ian Meakins.