B&Q to sell 6 stores to fund turnaround

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B&Q job cuts

B&Q’s parent company Kingfisher is reportedly looking to sell six of its stores in order to raise £125 million in funds for its ongoing turnaround strategy.

According to The Times, stores in Birmingham, Croydon, Southampton, Cardiff and another two sites in the North East will be sold to raise cash.

This comes as its chief executive Veronique Laury ploughs ahead with her five-year turnaround plan which has already affected hundreds of jobs and seen the closure of 65 stores.

The plan is set to eventually boost annual profits by £500 million across the company, but nearly three years in to the turnaround scheme, little progress has been made financially.

In September the DIY retailer, which has been struggling to sure up its finances amid a difficult market, reported a 15 per cent drop in half year profits to £375 million.

Laury noted at the time B&Q was currently at its halfway point of the five-year transformation plan, and was “continuing to deliver on strategic milestones”.

She added: “Transformation on this scale is tough, and there are challenges that we’re working through”.

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2 COMMENTS

  1. If the time was ever right to sell to Home depot or Walmart it is now .BQ are finished as the major diy company . never delivered on their promise of customer service and never really valued their staff either .

  2. As a former member of staff with this so called company i can be 100% certain to say that the company doesn’t need to close stores to reduce money. But get ridd of there high paid managers across the company. As the working class people below them ie the shop floor staff are being ripped to bits. I personally had to call it a day with this so called wonderful company as the managers where openly ganging up on shop floor staff to cover there own mistakes. Over then years service and jacked the job in as it wasn’t worth my health and the corruption these so called managers and senior figures within this company were putting there staff into and under. #EVIL HATFUL CORRUPT DANGEROUS AND FEARFUL B&Q.

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