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Wed May 22 2024

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Building products major pulls back from the high street

14 May 12 Wolseley has sold its Bathstore retail business to Leeds venture capital firm Endless for £15m.

Wolseley UK managing director Steve Ashmore said: “Wolseley has taken a strategic view in deciding to sell Bathstore. We believe it is a positive move for Bathstore and its employees and offers the best way forward for them, with an owner that is fully focused on the High Street retail market.

“It is also a positive move for Wolseley going forward as we can concentrate entirely on our core businesses, delivering growth by providing exceptional service and access to our products through a range of channels, including our branch network and online.”

Bathstore, headquartered in Watford, had sales in 2011 of £95m, delivering Ebitda of £6.5m.

Endless managing partner Garry Wilson said: “Bathstore is a great retail brand with a strong market position. Fresh investment and a new status as an independent company will enable the business to focus on its future growth potential.”

Bathstore employs around 500 people and operates through a network of 169 stores across the UK.

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