The future of B&Q in Spalding is unclear after news today that as many as 60 “surplus” stores in the UK and Ireland are to close over the next two years.
The home improvement chain, owned by Kingfisher which also runs the Screwfix store network, is to undergo a major reorganisation after a fall in pre-tax profits of £55 million over the last financial year.
A B & Q spokesman said details had not yet been finalised as to which stores would be closing, but Kingsfisher’s chief executive officer Veronique Laury said: “Home improvement is a great market with huge potential and Kingfisher has a strong position within it, with further scope to grow in a sustainable way. “However, it is clear to me that we need to organise ourselves very differently to unlock our potential.
“This will involve taking what is essentially a locally-managed set of businesses and creating instead a single, unified company where customer needs come first.
“We have a lot to do and we are announcing today a set of first ‘sharp’ decisions which are already underway, including the closure of around 60 surplus (UK) stores and our few loss-making stores in Europe.
“In addition, we will be developing our detailed plans for the wider reorganisation of the company as we progress on this exciting journey towards becoming ONE Kingfisher.”
TUESDAY 10.30AM: Sixty B&Q stores set to close in shake-up
Home improvement chain B&Q is to close as many as 60 stores over the next two years as part of a restructuring of its UK and Ireland business.
Parent company Kingfisher, which also owns Screwfix, plans to axe about 15% of surplus space as a result of the review of its 360-strong B&Q estate.
The move was announced as it posted a 7.5% drop in annual profits to £675 million after sales fell by 1.4% to £11 billion in the year to January 31.
It is currently not known if the Spalding branch will be affected.