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Kingfisher to Sell and Lease-back Six B&Q Stores

B&Q Birmingham

Kingfisher is planning to sell off and lease back six B&Q stores, according to The Sunday Times.

CEO Veronique Laury is looking to raise £125m in the process, with the money being used to fund Kingfisher's five-year turnaround plan - ONE Kingfisher - which began in January 2016.  

The programme aims to "deliver £500 million of sustainable annual profit uplift by Year 5, over and above 'business as usual'." 

The affected stores are in Birmingham, Cardiff, Croydon and Southampton, with a further two in the north east of England.

Laury took over as CEO in 2015. She has since closed 65 B&Q stores, leaving a portfolio of 296 across the UK and Ireland.

Kingfisher's property portfolio - which is spread across ten countries in Europe - is valued in the region of  £3.5bn.

A spokesperson for Kingfisher commented: “We are exploring opportunities for the sale and leaseback on a small number of B&Q properties. These are good stores, in good locations where B&Q operates successfully. As a normal course of business, we regularly review our property portfolio to ensure it is operated as efficiently as possible.

Recently, Kingfisher's Chief Financial Officer, Karen Witts, confirmed she will be leaving the home improvement giant

Kingfisher will update on third-quarter trading this Wednesday 21st November.

Source : Insight DIY Team

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19 November 2018

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