Kingfisher – the group which owns B&Q and Screwfix – has become the latest retailer to commit to returning in full the business rates relief it received as a result of the Covid crisis.
Kingfisher says due to the “resilience” of the business, its board has decided to return the £130m it received from the UK and Republic of Ireland governments.
It follows separate announcements by the big 4 supermarkets and discount retailer Aldi that they would return the money they received as support during the pandemic (see Direct Commerce news story).
In a statement, the retailer said: “Kingfisher benefited from, and was thankful for, the financial support measures it received from the UK and Irish governments which, together with our own measures to reduce costs and preserve cash, helped us to protect jobs and limit the financial impact of COVID-19, in the face of significant uncertainty.”
Since reopening its stores in April and May, Kingfisher sales it has seen strong sales performance, supported by higher demand for home improvements.
Earlier this year the company said it repaid in full the amount received of £23 million under the UK government’s furlough scheme (see Direct Commerce news story).
Thierry Garnier, Chief Executive Officer, said the government support had been “invaluable”.
“We also took swift action within our business in response to the pandemic to protect Kingfisher. We rapidly adapted our operations, both online and in-store, to fulfil the essential needs of our customers,” Mr Garnier said.
“These actions, combined with the roll-out of our new strategy and the hard work of our colleagues and teams, have delivered growth throughout the Group and led to the hiring of 3,500 additional colleagues. Given this resilience, and our commitment to support our communities, we believe that returning the UK and Irish business rates relief in full is the right thing to do.”
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