Reading-based distributor of heating and plumbing products Wolseley has sold its Irish subsidiary, Wolseley Ireland Holdings (WIHL), to a group of private investors for up to €26.5 million (£23.8 million). 

Reading-based distributor of heating and plumbing products Wolseley has sold its Irish subsidiary, Wolseley Ireland Holdings (WIHL), to a group of private investors for up to €26.5 million (£23.8 million).

WIHL comprises the brands Heat Merchants, Brooks, Tubs and Tiles and Encon Ireland, with a network of 67 branches and 650 employees.

Ian Meakins, chief executive of Wolseley, said that the deal was a good outcome for shareholders and would enable the company to focus on its core UK business.

In the year ending July 2009, WIHL generated sales of €237 million and operating losses of €34 million.