Home improvement retailer Kingfisher has entered into a £550m three-year revolving credit facility agreement with a group of its relationship banks.
The company, whose businesses include B&Q and Screwfix, said the facility is linked to “ambitious” sustainability and community-based targets.
Kingfisher was a founding member of the Forest Stewardship Council when it was established nearly 30 years ago to help the responsible sourcing of wood. It was also the first retailer to label and cut VOCs (volatile organic compounds) in paint in 1998.
“Establishing a Responsible Business-linked credit facility further demonstrates our commitment to continuous improvement in areas that are material to all our stakeholders,” the company said.
Under the terms of the new credit facility agreement, which has a duration of three years with the possibility of two one-year extensions, Kingfisher will benefit from a lower interest rate if it delivers specific targets which are aligned with the Group’s Responsible Business plan.
Kingfisher’s Responsible Business commitments, which are linked to the credit facility’s targets, are to help to tackle climate change by reducing carbon emissions from its business, products and supply chain; create more forests than the company uses, and fight to fix bad housing.
Bernard Bot, Kingfisher’s Chief Financial Officer, said: “This revolving credit facility shows our commitment to integrate our Responsible Business principles into all aspects of our business. Our Responsible Business plan is an integral part of our Powered by Kingfisher strategy and this facility links our ambitious sustainability and community targets with our financing activities. We are making great progress with our climate change and community programmes and I look forward to working with all our stakeholders on realising our commitments.”
Share