B&Q owner Kingfisher buys 31 Focus DIY stores
- 6 May 2011
- From the section Business
The owner of the B&Q DIY chain, Kingfisher, has agreed to buy up to 31 stores from Focus DIY for £23m.
On Thursday, Crewe-based Focus went into administration after its business was hit by the weak housing market and low consumer confidence.
Focus' administrators said the deal represented an "exceptional outcome" for the creditors of the firm.
Focus DIY operates nearly 180 stores in the UK, which are continuing to trade, and employs almost 4,000 staff.
Announcing the sale, Simon Allport, one of the joint administrators from Ernst & Young, said: "The joint administrators will continue to trade all of the group's stores and will seek further offers for a going concern sale of the group's business and assets."
The B&Q chain has about 330 stores in the UK and Irish Republic. Other chains owned by Kingfisher include Screwfix and France's Castorama.
Kingfisher shares finished up 1% on Friday on the London Stock Exchange at 279.6p.