B&Q has confirmed its acquisition of three Homebase stores in the Republic of Ireland, following the collapse of the retail chain late last year. The £3.2 million deal includes locations in Letterkenny, Navan, and Waterford. These stores will be integrated into B&Q's existing network of eight outlets in Ireland, with all staff transferring to the company.
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Although subject to regulatory approval, B&Q expects the transaction to conclude during the first quarter of the 2025/26 financial year. The first store conversion is anticipated to be completed in the first half of 2025, with all three stores operating under the B&Q banner by the end of the year.
B&Q chief executive Graham Bell expressed enthusiasm for the expansion, stating: 'We're delighted to be adding these three stores to our fantastic store network. These locations need a home improvement store that fulfils their needs, and we're determined to provide the choice and convenience customers deserve.' He also welcomed the opportunity to integrate new staff and customers into the B&Q family.
Retail, property, and technology director Paddy Earnshaw echoed Bell's sentiments, highlighting the benefits of expanding B&Q's presence in Ireland. He remarked: 'The move will add over 9,300 square metres of selling space in locations that more customers can benefit from. We look forward to welcoming new customers to these stores and our new colleagues to the B&Q family.'
The acquisition follows Homebase's entry into administration in November 2024. While its parent company, CDS Superstores, acquired around 70 Homebase locations, saving approximately 1,600 jobs, 50 stores are still set to close, putting up to 2,000 employees at risk of redundancy. CDS has announced plans to reopen some Homebase sites under its Range Superstores brand, with the first three launches expected this month and additional openings planned from February.
B&Q's expansion adds to its existing network of 311 stores across the UK and Ireland, solidifying its position as a leader in the home improvement sector. The company views the acquisition as a strategic opportunity to serve new regions while maintaining its commitment to customer convenience and accessibility.
Homebase, which once had a significant presence in the home improvement market, has faced challenges in recent years. The recent collapse underscores the pressures on the retail sector and the ongoing evolution of the market.
B&Q's acquisition of these Irish locations signals a proactive approach to meeting customer demands and adapting to a changing retail landscape. The move reflects its commitment to growth and to providing high-quality service to a broader audience.
Source: www.kbbreview.com