Building supplies firm Wolseley to shed 2,000 jobs
Plumbing and building supplies firm Wolseley today announced plans to cut 2,000 jobs and close more than 200 branches in the UK and Ireland.
The Reading-based firm, which trades as Plumb Center and Build Center, said the moves reflected its expectations for a further decline in trading. The company also shed 5,050 positions between August and the end of October, mainly in North America.
Wolseley, which operates more than 1,900 branches in the UK and Ireland, said the latest job cuts would be phased over the next few months.
Wolseley's headcount reduction is one of the biggest in recent days, after a raft of UK companies including BT, JCB, truckmaker Leyland, Virgin Media, Yell and GlaxoSmithKline all announced plans to shed labour.
Many more job losses are predicted, with increasingly dire predictions about the jobless total. Business groups are constantly revising their expectations up, with some now believing unemployment will go over three million.
The job cuts at Wolseley's UK and Ireland division are expected to reduce annual costs at the company by £80 million.
The pressure on Wolseley to reduce overheads was highlighted by first quarter figures today, with group trading profits down 30 per cent due to lower profitability at its UK and American operations.
The company said: "Our objective remains to ensure the appropriate sizing of the cost base in line with the expected market environment."
Wolseley said revenues in the UK and Ireland division decreased by about 10 per cent with trading profits down by around 65 per cent in the three months to 31 October.
The company said its building materials brands such as Build Center and Brooks in Ireland continued to be affected by the rapid deterioration in new residential construction.
The company's consumer-focused business Bathstore also reported a significant deterioration in revenues in the first quarter.
However, Wolseley said Plumb Center continued to show resilience, with more than two-thirds of revenues coming from the residential repair and maintenance market.
- 1 Reyhaneh Jabbari: Iran due to execute woman for murder of her alleged attempted rapist
- 2 Expert urges cat lovers to own just one animal each
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 5 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...