Encon is the leading UK distributor of thermal and acoustic insulation products. Last year it turned over nearly £200m and employs around 560 staff through a national network of 24 locations.
The Encon group of businesses includes Encon Insulation, Nevill Long, Gill Insulation & PFC Corofil.
Wolseley UK said it was considering the sale of Encon in July, having taken the decision that the market in which Encon operates is no longer part of Wolseley UK’s core strategic business activities.
On completion of the buy-out Moore said: “As the new owner of Encon, I believe we have an excellent opportunity to drive the business forward, and I truly believe we have an exciting journey ahead of us”.
In a message to customers he further added: “The management team is committed to ensuring that customer service excellence remains Encon’s number one priority.”
Steve Ashmore, Wolseley UK’s Managing Director said: “This decision has not been taken lightly as Encon is a sound and well-run business, but we believe it offers the best way forward for Encon and its employees under the leadership of Stuart Moore.”
It is also fully aligned to Wolseley UK’s strategic objectives to focus on being the best merchants in our chosen core markets.”