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.
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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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