More of our compaines going of shore
We love giving our companies to overseas investors well its shameful to learn that another one might be going.
We won’t own anything at this rate, the story is as follows.
Building materials giant Wolseley is considering “strategic options” for its £1.3bn French business and starting consultations with employees across the Channel.
The move comes as Wolseley emphasised its strategy “to focus on businesses where it can establish leading positions in attractive markets and consistently generate good returns for shareholders.”
The company said: “In this context, we have decided to explore strategic options for the future of our businesses in France.
“In the year ended 31 July 2011 the businesses generated revenue of £1.3 billion and employed net assets of approximately £500 million, including £136 million of goodwill.
“In light of this review the appropriate carrying value of these assets will be assessed at year-end and this is likely to give rise to a non-cash impairment charge. This announcement is being made in order to enable us to commence consultation with our employees in France.”
Another buy out to make a few at the very top wealthy, but the reality is someone will pay for the acquisition namely the buyer of the building materials.