Freshfields Bruckhaus Deringer and Herbert Smith are advising on building ­supplies company Wolseley’s upcoming £1bn rights issue.

In the latest of a glut of cash calls by listed companies, Freshfields head of corporate Mark Rawlinson is understood to be advising Wolseley, while ­Herbert Smith is understood to have been instructed by the underwriting banks.

Wolseley, which has debts of around £3bn, has lost around 90 per cent of its value since June 2007 on the back of declining profits in the US market. Freshfields retained its position as ­Wolseley’s main corporate adviser following a panel review last year.