Kingfisher PLC - London-based home improvement retailer and owner of B&Q and Screwfix - completes the sale of its Brico Depot Romania business to Altex Romania for an enterprise value of €70 million, around £59 million. The sale, announced in December, sees Kingfisher exit Romania just over a decade after entering in 2013. The sale includes a network of 31 stores in 24 cities in Romania, together with distribution operations and a head office in Bucharest. Altex currently operates 130 electronics and home appliance stores in Romania. The business being sold generated £269 million in sales in financial 2024, 2.1% of total Kingfisher sales. It suffered a retail loss of £18 million and free cash outflow of £17 million.
Chief Executive Thierry Garnier says the sale ‘enables us to have greater strategic focus on markets and growth initiatives where we are strongly positioned to deliver attractive returns and create shareholder value. It also allows us to continue to provide our Own Exclusive Brands to customers in Romania.’
Current stock price: 287.90 pence, down 1.4% in London on Friday
12-month change: up 18%
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