Investors will have every reason to wish Ian Meakins a happy retirement from Wolseley, the world’s biggest builders’ merchant, even if he leaves two months after what looks a little like a profit warning. Under Chip Hornsby, his predecessor, the company was forced to raise £1 billion of fresh capital to reduce its mounting debts, including an unpopular £781 million rights issue at 120p, a 27 per cent discount to the share price at the time.
Allow for a share consolidation and the shares, at their lowest ebb, were worth about £7. Although back from their best last summer, they were 59p down at £32.95 after news of Mr Meakins’ planned departure in August, his replacement by John Martin, the finance director, and the