skip to main content
Find Insight DIY on
* * *

UK DIY News

B&Q to pilot tradesman ‘bank’ scheme

B&Q is trialing a Government-led scheme to become a bank for small tradesman.

B&Q-owner Kingfisher has signed up to a scheme disclosed in the Autumn Statement to sell supplies and equipment through B&Q and Screwfix on credit.

The pilot will begin early next year through B&Q’s Tradepoint business and Screwfix. Kingfisher will pay the Government a 2% fee to underwrite the loan, The Times reported.

Kingfisher chief executive Ian Cheshire said that the retailer would get access to the Government’s balance sheet at a better rate than it would a bank.

The move allows tradesmen to gain credit even if they would have been too small or too new to qualify under normal banking rules.

Cheshire, who is also chairman of the BRC, said: “By cutting out the banks, you can unlock that credit into the economy.”

The scheme was introduced amid frustration over subdued lending to businesses.

Source : Alex Lawson – Retail Week
www.retail-week.com

07 December 2012
view more UK DIY News
*

I find the news and articles they publish really useful and enjoy reading their views and commentary on the industry. It's the only source of quality, reliable information on our major customers and it's used regularly by myself and my team.

*
Simon Fleet - Sales & Marketing Director, Thomas Dudley Ltd
Newsletters

Don't miss out on all the latest, breaking news from the DIY industry