Further job losses feared at Wolseley

13-07-2008

Further job losses feared at Wolseley
Building supplies group Wolseley is braced to announce further job losses among its UK workforce this week.

In May, Wolseley announced hundreds of posts were to be shed as it issued a gloomy trading update in light of challenging market conditions.

On Friday the group's shares fell by 3.57 per cent to 297p, marking a dismal year in which its share prices have fallen by three-quarters.

In the last month an indication of the plight of UK construction was provided by housebuilders Taylor Wimpey and Barratt, with both firms laying off thousands of workers.

Turmoil in the US housing market, where Wolseley has a strong presence, is exacerbating matters for the building and plumbing supplies firm.

The past few days has seen American mortgage specialist IndyMac Bancorp collapse, while shares in mortgage providers Freddie Mac and Fannie Mae plummeted when reports emerged the government was planning to take over the ailing companies.

According to the Sunday Telegraph, Wolseley will announce a new round of job losses in its 15,000-strong British workforce this week.

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