Wolseley's dull back to basics move has plugged its leaky finances

Wolseley shed its £3bn debt burden in four years and is paying £350m special dividend by avoiding balance sheet acrobaticsRepairing Wolseley, the plumbing and building materials supplier, has proved a remarkably speedy job. Four years ago, after the last chief executive's debt-fuelled acquisition spree at the top of the market, the company's borrowings stood at almost £3bn and an emergency £1bn rights issue was required. Now the business is free of debt and can afford a £350m spec...