Kingfisher secures OFT clearance

RNS Number : 0063K

Kingfisher PLC

07 July 2011

 



7 July 2011

Kingfisher secures OFT clearance for 30 Focus stores

Over 600 jobs saved

Kingfisher, Europe's largest home improvement retailer, today announces that it has received clearance from the Office of Fair Trading (OFT) to acquire 30 Focus DIY stores following agreement with the administrators in May.

The decision means that over 600 jobs will be saved. The stores will be transferred to the B&Q format as soon as possible, with some set to open under the B&Q banner as soon as next month.

Commenting on the decision, Ian Cheshire, Kingfisher's Group Chief Executive, said: "We are looking forward to offering B&Q's range of well priced products, services and advice to consumers in these areas, as well as bringing new investment to the local communities. We are delighted that we will be able to safeguard more than 600 jobs by bringing the B&Q store format to parts of the country in which we currently do not operate. I would like to thank the OFT for acting swiftly, enabling so many jobs to be saved."

Kingfisher announced on 6 May that following the appointment of administrators at Focus DIY Limited and Do It All Limited it had agreed to buy up to 31 leasehold properties for £23 million in cash.

Enquiries:

Ian Harding, Group Communications Director	020 7644 1029
Sarah Gerrand, Head of Investor Relations	020 7644 1032
Nigel Cope, Head of Media Relations	020 7644 1030
Clare Haines, Media Relations Officer	020 7644 1286

Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with nearly 900 stores in eight countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Koç Group, and a 21% interest in, and strategic alliance with Hornbach, Germany's leading large format DIY retailer.

B&Q is the largest home improvement and garden centre retailer in the UK and Ireland with 360 stores, employing more than 30,000 people nationwide, more than a quarter of whom are over 50 years of age, with a similar number under the age of 25. For more information about B&Q please go to www.diy.com/aboutus.

 

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