B&Q to acquire Navan Homebase store
Employees will switch over following consultation process
B&Q Ireland Limited today announced that it has reached agreements to acquire three leasehold stores, currently trading as Homebase, in the Republic of Ireland for a purchase price of £3.2m, including the Navan store.
Last month, the High Court appointed provisional liquidators to the company behind the Homebase chain of DIY stores in Ireland, and a closing down sale has been ongoing at the store in Navan Retail Park.
Damien Murran and Enda Lowry, from Teneo Financial Advisory, were appointed by the court to HHGL (ROI) Limited trading as Homebase.
B&Q currently has eight stores in the Republic of Ireland. Following conversion to the B&Q banner, the stores will have a combined total selling area of over 9,300 square metres and enable more customers to benefit from B&Q’s and TradePoint’s extensive offer of home improvement products and services, helping to make home improvement projects and trade jobs easier, the firm says.
This includes Kingfisher own exclusive brands, and B&Q’s leading customer propositions: kitchen and bathroom design and installations, TradePoint counters, timber cutting and paint mixing, and click and collect and home and bulk delivery services at diy.ie.
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.
“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 other Homebase leasehold stores being purchased by B&Q Ireland Limited are Homebase Letterkenny and Homebase Waterford.