DIY brand to open over 100 new stores in huge boost for Britain's high streets
More than 100 new stores are set to open
PA
British DIY firm Kingfisher has announced plans to open more than 100 stores across the UK.
The company, which owns B&Q and Screwfix, is set to increase its offering for Britons on the coming months.
At least 50 smaller B&Q stores will be opened along with 60 more Screwfix sites.
Kingfisher chief executive Thierry Garnier said: "We are in a good shape to be honest.
B&Q will open at least 50 smaller stores across the country
N/C
"We have no debt, we have executed our plan and there it is a lot of opportunities for growth still."
Speaking to The Sun, he added: "It is our responsibility to pursue growth quickly."
The new stores are opening despite Kingfisher warning that it expects profits to drop in 2021.
There was a 36 per cent drop in pre-tax profits from £1billion to £611million in the year to January 31.
The fall is partially due to a surge in sales during the Covid pandemic.
Despite dropping, sales are still 15.6 per cent higher than pre-pandemic.
Kingfisher's expansion plans will be a major boost for Britain's high streets.
Figures compiled by the accountancy firm PwC suggest that 11,530 outlets shut across Great Britain in 2022.
The figure equate to 32 closures every single day.
Screwfix will open at least 60 stories
PA
However, there were fewer closures than there have been in the three years previously.
"What we've seen in the last year is that high streets are more important than ever as a place where we work shop and play," said Kien Tan, Senior Retail Adviser at PwC earlier this month.
"These figures are testament to that."
You may like
