Building merchants Wolseley has sold its businesses on both sides of the Irish border.

Wolseley Ireland, along with the Brooks business in Northern Ireland, has been sold to a group of private investors for a total of €26.5m.

The sale is under a share purchase agreement and includes the trading businesses Brooks, Heat Merchants, Tubs & Tiles and Encon in the Republic of Ireland and the Brooks business in Northern Ireland.

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Pat Roche, Chief Executive of Wolseley Ireland said: "With the exception of there being new owners, nothing else has changed. The significant steps already taken by the Irish management to restructure the business, aligned with our future plans will help position the business well to emerge from the current economic cycle a stronger business."

He continued: "I am greatly looking forward to the future for the Irish businesses having enjoyed a very successful past 10 years under Wolseley ownership and the change of ownership at this stage is a new chapter in our development as one of Ireland’s largest distributors of timber, building materials and heating and plumbing. Most importantly, it's business as usual as far as all day-to-day operations are concerned and customers will be unaffected by this change in ownership."

(NS/GK)