On April 20, UBS raised its rating on Wolseley and said the group now has “the flexibility to restructure and reorganize, and prepare for recovery in an orderly fashion,” according to The Wall Street Journal’s MarketWatch. Wolselley will decided to sell or close down its Stock Building Supply business in an announcement May 1.

According to The Journal, UBS sees Wolseley returning to the core strong businesses of North America plumbing, U.K., and Scandinavia where it believes there are good medium-term growth prospects.