800 jobs to go in Plumb Center shake-up
- Credit: PA
Plumb Center owner Wolseley is set to axe up to 800 jobs as part of a restructuring that will see it shut 80 branches and a distribution centre.
The shake-up, which will cost the firm £100m, comes amid a challenging period in the UK, where it has seen a sharp slowdown in growth.
Wolseley said on Tuesday: 'The closure of around 80 branches and one distribution centre is expected to lead to up to 800 job losses, the impact of which we will minimise through redeployment and attrition as far as possible.
'The programme is subject to consultation which will commence shortly and is expected to take 90 days.'
The group employs 6,000 people in the UK and operates across 750 branches.
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The firm said that in the UK, which accounts for 8% of its profits, the repair, maintenance and improvement markets had declined and growth was 'weak' as it flagged a challenging environment.
Wolseley said the restructuring, the result of a review, is expected to generate £25m to £30m of annual cost savings when complete.
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The group made the announcement alongside full-year results, which saw overall revenues rise 4.2% at constant exchange rates to £14.4bn. Pre-tax profit rose from £508m to £727m, driven by the US, where it operates Ferguson and where the bulk of its business lies.