Posted 19th November

Kingfisher looking into sale of several B&Q stores

By KBBDaily on 19th November 2018 - 14:59pm
money matters, b&q, kingfisher, screwfix, financial, result, profit, sales, kbb, kbbdaily, store, sale

Kingfisher is looking into “opportunities for the sale and leaseback” of several B&Q stores, with The Sunday Times claiming that the group is trying to raise £125m for Kingfisher CEO Véronique Laury’s “costly” turnaround plan.

However, a spokesperson for Kingfisher noted that the group’s review of its property portfolio for the DIY chain is not connected to funding Laury’s five-year ‘One Kingfisher’ transformation plan, which kicked off close to three years ago.

According to The Sunday Times, Kingfisher is looking into the sale and leaseback of six B&Q stores, namely Birmingham, Croydon, Southampton, Cardiff and two in the north east of England. “We are exploring opportunities for the sale and leaseback on a small number of B&Q properties,” Kingfisher told KBBDaily.com.

“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.”

In September, Kingfisher named former Screwfix CEO Graham Bell as the new CEO of B&Q UK and Ireland. The group also reported a 2.5% decline in like-for-like sales at B&Q for the first half of the 2018 financial year, reaching £1.8bn.


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