Kingfisher Plc (KGF.L), a home improvement company, said on Wednesday that it has decided to sell its Brico Depot Romania, a warehouse store business, for 70 million euros to Altex Romania, a retail company in Romania.
Thierry Garnier, CEO of Kingfisher, said: "We have found an experienced and successful local buyer for Brico Depot Romania. This decision enables us to have greater strategic focus on markets and growth initiatives."
The sale comprises the entire Brico Depot Romania business, including its network of 31 stores in 24 cities, distribution operations, and head office in Bucharest.
The sale is expected to be completed in the first half of the year 2025-26.
Kingfisher has clarified that this transaction will not impact Kingfisher's Brico Depot banners in France, Spain, and Portugal.
For the year 2023-24, Brico Depot Romania posted sales of 269 million pounds, representing 2.1 percent of the Group sales, and contributed a retail loss of 18 million pounds.
Kingfisher had acquired Bricostore Romania from French retail business Group Bresson.
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