B&Q owner Kingfisher sets aside nearly €25m to restructure Irish business
B&Q owner Kingfisher has set aside nearly €25m to restructure its loss-making business in Ireland.
Releasing full-year results this morning, Kingfisher confirmed that its nine BQQ stores in Ireland made a combined £7m (€ 8.2m) loss in the last financial year.
The company placed its B&Q stores here in examinership in January. Under the terms of a proposed scheme, it’s planning to close two of those stores, in Waterford and Athlone.
It said that it has made a £21m (€24.7m) provision for the restructuring process.
“Following a sustained decline in trading at B&Q Ireland, the group undertook a detailed review of its Irish operations and as a result B&Q Ireland entered into an examinership process in January,” said Kingfisher. “The £21m restructuring charge represents provisions recorded for the impairment of properties and estimated costs of exiting leases and other closure activities.”
The two B&Q stores that are closing in Ireland employ about 100 people.
Kingfisher said its like-for-like sales at B&Q stores in the UK and Ireland fell 5.6pc last year to £3.7bn. Its group sales fell 2.9pc to £10.5bn.