2nd Mar 2015 09:05
LONDON (Alliance News) - Building products supplier Wolseley PLC on Monday said it has struck a deal to buy a substantial stake in UK-based online bathroom retailer BathEmpire.com.
Wolseley did not provide any financial details on the deal, but said it has the option to acquire the remainder of the company.
For the year to the end of December 2014, BathEmpire.com generated GBP26 million in revenue.
"The UK B2C online bathroom market is growing rapidly and BathEmpire.com gives us an established brand with a scalable platform and the opportunity to build a significant presence over time," said Wolseley Chief Executive Ian Meakins.
Shares in Wolesley were up 1.5% to 4,032.00 pence on Monday morning, one of the best performers in the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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