Sunday 17 November 2019

B&Q to close 60 shops across Ireland and UK

Parent firm Kingfisher announced plans today

B&Q is one of the companies own by Kingfisher
B&Q is one of the companies own by Kingfisher
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Paul O'Donoghue

The owner of the B&Q chain has announced plans to close 60 of the DIY stores across the UK and Ireland over the next two years after its annual profits fell £75m last year.

B&Q owner Kingfisher also announced that Kevin O'Byrne, chief executive for B&Q UK & Ireland, would leave the firm on May 15.

Its parent company Kingfisher, which operates in Ireland, the UK and mainland Europe, said the closures would affect poor-performing stores in the UK and Ireland and added that around 600 jobs are at risk.

"Kingfisher has said for some time that B&Q UK and Ireland can adequately meet local customer needs from fewer stores and that some of the store should be smaller," it said.

The planned store closures form part of a plan by new Chief Executive Veronique Laury to shake-up the 360-store B&Q business and will represent about 15 percent of the chain’s space.

Veronique Laury said the closure plan was one of a number of 'sharp' decisions being taken by the FTSE 100 company.

She added: "Home improvement is a great market with huge potential and Kingfisher has a strong position within it with further scope to grow in a sustainable way.

“However, it is clear to me that we need to organise ourselves very differently to unlock our potential."

Kingfisher made a pretax profit of £675m in the year to January 31st. That was in line with analysts’ average forecast of £674m but down from £744m a year earlier.

Online Editors

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