skip to main content
  • *
  • *
  • *
Find Insight DIY on
* * *


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
view more UK DIY News

Insight DIY always publishes the latest news stories before anyone else and we find it to be an invaluable source of customer and market information.

Max Crosby Browne - CEO, Home Decor

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