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B&Q stores to close in Southampton, Dundee and Barnsley after owner Kingfisher posts disappointing results B&Q stores to close in Southampton, Dundee and Barnsley after owner Kingfisher posts disappointing results
(35 minutes later)
Southampton, Dundee and Barnsley are about to lose their local B&Q. Kingfisher, the DIY chain’s parent company, announced the closure of 60 B&Q stores on Tuesday following disappointing results that revealed a 7.5 per cent fall in annual profit.Southampton, Dundee and Barnsley are about to lose their local B&Q. Kingfisher, the DIY chain’s parent company, announced the closure of 60 B&Q stores on Tuesday following disappointing results that revealed a 7.5 per cent fall in annual profit.
The loss of 60 stores represents about 15 per cent of the chain’s 360 total. Only six have been announced so far, including Baum’s Lane in Mansfield, Stechford Road in Birmingham and Hyde in Manchester.The loss of 60 stores represents about 15 per cent of the chain’s 360 total. Only six have been announced so far, including Baum’s Lane in Mansfield, Stechford Road in Birmingham and Hyde in Manchester.
Kevin O’Byrne, B&Q CEO, will leave the business on May 15.Kevin O’Byrne, B&Q CEO, will leave the business on May 15.
The changes come as part of Veronique Laury’s shake up of the group. She took over as chief executive of Kingfisher from Ian Cheshire in December.The changes come as part of Veronique Laury’s shake up of the group. She took over as chief executive of Kingfisher from Ian Cheshire in December.
Kingfisher made a pretax profit of £675 million last year, down from £744 million a year earlier. This was in line with analysts forecasts. A slower French market, changes to the exchange rate on non-sterling profits and development in new territories hurt results. Kingfisher made a pretax profit of £675 million last year, down from £744 million a year earlier. This was in line with analyst forecasts. A slower French market, changes to the exchange rate on non-sterling profits and development in new territories hurt results.
On Monday, it was revealed that nine months’ worth of takeover talks with the French DIY chain Mr Bricolage had collapsed, leaving Kingfisher empty handed.On Monday, it was revealed that nine months’ worth of takeover talks with the French DIY chain Mr Bricolage had collapsed, leaving Kingfisher empty handed.