Wolseley has made another step forward in setting up a new group holding company involving a tax move to Switzerland.
The company announced that at a court meeting on November 2, shareholders had overwhelmingly voted in favour of the move, which would save Wolseley roughly £23m a year in corporate tax.
The restructuring proposal will create a new holding company which will be UK-listed, incorporated in Jersey and with a tax residence in Switzerland. It will not change the tax position of the UK business.
Completion of the change remains subject to approval of the High Court of Justice, which will hear the application on November 19
Wolseley recorded a £328m loss for the year ended July.
