Wolseley to cut 2,300 jobs

19/11/2008

Building and plumbing firm Wolseley has said it will cut 2,300 jobs and close more than 200 branches in an effort to cut losses.

The chain, which owns the Plumb Center and Build Center, admitted in a statement that trading conditions were set to worsen and it needed to cut jobs.

It has already cut 5,000 jobs in its operations in Europe and North America, although the latest raft of cuts is likely to be mostly in the UK.

In the last quarter, Wolseley's profits were down 45 per cent on the three months previously.

Chief executive Chip Hornsby said: "While these results reflect a further deterioration in the business environment in the first quarter, it was not unexpected.

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

The company started in Australia in 1887 as a sheep shearing machinery business.

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