Wolseley buys Brooks for £120m

Wolseley has bought Brooks Group, the Irish timber and builders' merchant for £120m.

Brooks is the largest timber distributor and the third largest builders' merchant in the combined Northern Ireland and Republic of Ireland markets. It has 18 branches and 430 employees. In the year to 31 December, Brooks posted a turnover of £128m and an operating profit of £6.2m. Brooks' key operational management will remain with the business.

Wolseley chief executive Charlie Banks said: "We are delighted to announce this acquisition which is in line with our strategy to expand our heavyside operations in Europe."

In the current financial year, Wolseley has already spent £123m on 15 acquisitions.