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Kingfisher sets aside €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 B&Q 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.

Source : John Mulligan – Irish Independent

26 March 2013
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