B&Q Ireland Limited has announced that it has reached agreements to acquire three leasehold stores, currently trading as Homebase, in the Republic of Ireland for a total purchase price of ca. £3.2m .
The three stores - Waterford, Letterkenny and Navan - complement B&Q’s existing network of eight stores in the Republic of Ireland.
In November, it emerged that provisional liquidators had been appointed to Homebase's Irish stores.
Following conversion to the B&Q banner, the stores will have a combined total selling area of over 9,300 square metres.
A statement form B&Q said: "The agreement for the stores is subject to landlord and customary regulatory approvals, with the expectation that the transactions will complete in the first quarter of Kingfisher FY 2025/26. B&Q will convert to its banner the first of these stores in the first half of next year and aims to complete the conversion of all sites by the end of calendar year 2025. Capital expenditure relating to the store acquisitions and fit-out costs will be incurred in Kingfisher FY 2025/26. On completion of the acquisition, following a period of consultation with the employees at the three stores, they will become employees of B&Q."
Graham Bell, CEO, B&Q, said: “We’re delighted to be adding these three stores to our fantastic store network. We’re determined to give home improvers the choice and convenience they deserve, and these locations need a home improvement store that fulfils their need."
He added: “We look forward to swiftly concluding the purchase and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family.”
The Waterford store is located at Ardkeen.
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