Posted 5th September

Ferguson to demerge Wolseley UK operations

5th September 2019 - 08:00am
money matters, ferguson plc, wolseley uk, operations, demerger, kbb, kbbdaily

Ferguson plc – which was previously called Wolseley, but remained trading as Wolseley UK in the UK market – has announced its intention to demerge its UK operations following a “detailed review” of the group’s assets over several years.

Subject to shareholder approval, Wolseley UK is set to become an independent listed company serving residential and commercial tradespeople and customers. Ferguson said the demerger will “enable Wolseley UK to focus exclusively on customers in the UK market”.

“The demerger will enable both Wolseley UK and Ferguson to focus on accelerating the execution of their independent plans, providing clear investment propositions for each business,” said Ferguson plc CEO John Martin.

“Wolseley UK has a strong market position, leading customer propositions and an experienced management team with significant opportunities for development in the large and fragmented plumbing, heating and infrastructure markets.”

The group has also announced that Martin will step down as group CEO in November, with Kevin Murphy – currently CEO of Ferguson’s US operations – being named his successor. Martin joined the board of Ferguson as CFO in 2010 before becoming CEO in 2016.

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