Purchase of up to 31 ex-Focus stores

RNS Number : 1265G

Kingfisher PLC

06 May 2011

 



Friday 6 May 2011

Kingfisher to purchase up to 31 ex-Focus DIY stores from administrator

Kingfisher plc announces that following the appointment of administrators at Focus DIY Limited and Do It All Limited it has agreed to buy up to 31 leasehold properties for £23 million in cash. B&Q, Kingfisher's largest UK subsidiary, plans to start the process of refitting the vacant properties and opening them as new B&Q stores later in the year.

Commenting on the announcement Ian Cheshire, Kingfisher's Group Chief Executive, said:

"This is a good opportunity for us to accelerate our previously announced plans to expand B&Q into carefully targeted UK locations where we currently have no store representation. This will bring better choice and lower prices to customers and provide secure jobs and career prospects in these local communities."

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

Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with nearly 860 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.

 

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