Job losses pile up as Plumb Center owner spells out redundancy plans

Building supplies group Wolseley has unveiled plans for a further 2,000 redundancies in the UK.

In a statement, the company warned of further deterioration in the trading environment, particularly in the UK where the group operates the Plumb Center and Build Center building materials outlets.

Since August 2007, the company has cut more than 15,000 jobs worldwide, with 5,000 going in the past three months.

Profits or the three-month period to 31 October dropped by 45%, which Chip Hornsby, the company’s chief executive, said was not unexpected.

“In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cashflow to ensure the group remains compliant with its banking covenants,” Hornsby said.

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The job cuts are expected to save £80m per year, including the savings from shutting 200 branches across the UK and Irish Republic.

In July, the company replaced its HR and managing directors, and merged its HR departments.