Wolseley brings in bank advisors

Wolseley, the plumbing and heating supplies giant, has called in three banks to act as advisors in case of a hostile bid.

The company is rumoured to be renewing its defence manual after a recent plunge in its share price and having lost 60% of its value in a year.

The banks employed are UBS, Deutsche Bank and Lehman Brothers, reported the Financial Times.

In recent weeks Wolsely has played down talk it might resort to a rights issue or face a breach in its banking covenants.