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Wolseley to axe further 2,300 jobs

Published: 18 November 2008
Majority of job losses will take place in UK as building materials supplier reacts to market with ‘aggressive but measured cost reduction’.
Wolseley to axe further 2,300 jobs
Wolseley has announced that it will cut over 2,300 jobs in anticipation of further deterioration in market conditions.

The company, which today posted a pre tax profit drop of 45%, said that it had already axed 5,000 posts since August.

Wolseley, which owns Plumb Center and Build Center, has operations in North America and Europe, however the majority of further job losses are expected to take place in the UK.

The company said that it expects the markets in which it operates to 'deteriorate in the short term' and that it will take action to 'right size the Group's businesses' over the rest of the financial year.

Wolseley group chief executive, Chip Hornsby said: "While these results reflect a further deterioration in the business environment in the first quarter it was not unexpected, and, we continue to react swiftly to market conditions with aggressive but measured cost reduction.

"In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cash flow to ensure the Group remains compliant with its banking covenants."

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