Retail chain Bathstore is under new ownership after building supplies firm Wolseley sold the business for £15 million.
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The chain, which has more than 160 stores and opened its first site in Croydon in 1990, has been bought by turnaround investor Endless, whose portfolio includes paints firm Crown and book retailer The Works.
As part of the deal, Endless has agreed to invest £11 million of new capital to fund the development of Bathstore.
Bathstore was Wolseley’s only consumer-facing brand in the UK, trading alongside building supply operations such as Plumb Center.
The group, which is the world’s largest specialist distributor of plumbing and heating products, last year took a £29 million write-down to reflect Bathstore’s reduced value on its books.
It failed to sell business in 2010 and despite “particularly challenging” trading conditions said it remained profitable.
Chief executive Ian Meakins said: “This disposal is in line with our strategy of focusing on our core operations.
“I would like to thank the staff of Bathstore for their commitment to the business and wish them every success for the future.”
The Press Association
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