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B&Q axing up to 60 stores

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B&Q is to close as many as 60 stores over the next two years as part of a restructuring of its UK and Ireland business.

Parent company Kingfisher, which also owns Screwfix, plans to axe about 15% of surplus space as a result of the review of its 360-strong B&Q estate.

The move was announced as it posted a 7.5% drop in annual profits to £675 million after sales fell by 1.4% to £11 billion in the year to January 31.

In Tayside and Fife, B&Q has home improvement stores in Dundee, Arbroath, Leven, Perth and Kirkcaldy.

The Dundee store at Kings Cross Road is B&Q’s only one in the city following the closure of its smaller outlet at Kingsway East.

There are Screwfix stores in Dundee, Perth, Glenrothes, Kirkcaldy and Dunfermline.

Further details of the stores to be closed are awaited.

Kingfisher, which also trades in France, has already agreed to sell a controlling stake in its loss-making China business as it looks to focus on its core European market.

Chief executive Veronique Laury said the closure plan was one of a number of “sharp” decisions being taken by the FTSE 100 company.

Kingfisher said the impact on jobs from the B&Q store closure plan will be broadly neutral as it is opening about 60 outlets under the Screwfix brand. It is also looking to redeploy positions to other parts of the business.