Wolseley to axe over 2,000 jobs as housing market downturn continues

Wolseley, which is one of the UK’s largest suppliers to builders, has announced it is to axe 2,300 more jobs and close over 200 branches in a major cost-cutting exercise in which it expects to save £80 million a year.

The job cuts, which represent 15% of staff in the UK, are as a result of the housing market downturn in both the US and the UK.

The company, which owns the Plumb Center and Build Center chains, said the majority of the job losses are to go in the UK and said that in the short-term, trading conditions are expected to deteriorate.

Wolseley, which operates over 1,900 branches in the UK and Ireland, said the latest job cuts would be phased over the next few months.

The group has already axed 5,000 jobs since August and has slashed 15,000 jobs worldwide since August 2007.

The news comes as the firm announced a 45% slump for the three-month period to 31 October.

The news of the job losses follow that from US banking giant, Citigroup, who yesterday announced it is to axe 52,000 jobs.

Meanwhile, it has also been announced today that National Express is shedding over 300 jobs.

Story link: Wolseley to axe over 2,000 jobs as housing market downturn continues