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International DIY News

Steinhoff International shows interest in Masters stores

Poco Home Store

News has emerged this week that South African based Steinhof International has expressed an interest in buying the Australian Masters stores.

The Masters business includes 63 Masters Home Improvement stores, as well as operations under the Home Timber & Hardware Group brand, all of which Lowe’s jointly own with Australian company Woolworths Limited.

News agencies in Australia are reporting that South African company Steinhoff International is working on a deal to buy some Masters stores as part of its plan to rapidly expand in the country with POCO-branded stores. POCO has over 100 stores in Germany, Poland, South Africa and it currently operates two locations in Australia selling furniture, hardware and appliances.

For an introduction to the Poco business, click here to watch a video.

There's also more information here.

Lowe’s is in the process of untangling itself from the Australian venture with Woolworths. Part of an agreement with Woolworths included the ability for Lowe’s to sell its stake in the business to Woolworths as an exit plan, but “the partners have yet to agree a price,” The Australian Business Review reports.

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Source: Insight DIY Team. 

31 May 2016

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