Builders and plumbers merchant chain Wolseley has sold its tool hire business Brandon Hire.
The new owner is Rutland Partners, which is paying £43m for the tool and equipment hire brand, which had sales of around £70m in the year to July 31. Wolseley paid £72m for the chain four years ago.
The sale has been rumoured ever since Wolseley chief executive Ian Meakins announced that 19 Wolseley businesses would be put under the spotlight and sold off if they could not be made to perform to target.
Meakins said today: “We are disposing of the (Brandon) business in line with Wolseley’s stated strategy of focusing on our growth businesses and those with synergies. Rutland Partners’ investment in Brandon Hire demonstrates their confidence in the business and we wish them every success as they continue to develop the business for the benefit of its staff and customers.”
Wolseley bought Brandon Hire in 2006 when it had 143 branches and spent considerable time and money migrating its existing Hire Center business into the new brand.