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Wolseley announces Switzerland tax move

Building materials supplier Wolseley has announced plans to redomicile to Switzerland after posting a small pre-tax loss in its full year results.

The firm said it planned to create a new holding company that would be listed in the UK but incorporated in Jersey, with a tax residence in Switzerland.

In its full-year results Wolseley made a profit of £450 million in the year to 31 July compared with £447m last year. Its revenue was down 10 per cent at £13.2bn.

Wolseley chief executive Ian Meakins said: “Demand across our markets remains mixed and the economic outlook continues to be unclear. Revenue growth in the early part of the current financial year is similar to that seen in Q4 last year.

“We will continue to take actions that will strengthen the business and, whilst overall we remain cautious about the outlook for our markets, we are confident that Wolseley will make good progress in the year ahead.”

The building materials giant has also announced that Gareth Davis is to succeed John Whybrow as chairman after the firms Annual General Meeting on 20 January 2011.  

Mr Davis has been a non-executive director of Wolseley since 2003 and is a member of the Audit, Remuneration and Nominations Committees. 

He has previously been chief executive of Imperial Tobacco Group for 14 years. He is also chairman of William Hill and a non-executive director of DS Smith.