Kingfisher, Europe's leading home improvement retailer, has announced it will create over 1,200 new jobs across the UK this year as it expands its B&Q and Screwfix stores.
The expansion plans will bring Kingfisher's total investment in the UK this year to £130 million, with a combined total of over 80 new Screwfix and B&Q stores being opened during 2011.
Two hundred and thirty of the extra jobs will be created at the 29 former Focus stores acquired by Kingfisher earlier this year, now being branded as B&Q. Five of the 29 stores are already trading, Kingfisher said.
London, UK-based Kingfisher paid £24 million for the 29 Focus stores, and will spend an additional £20 million refurbishing them before they re-open as B&Q stores.
A further 1,000 new jobs will be created at tooling and equipment retailer Screwfix, with 40 new stores due to be opened by the end of January 2012 in addition to the 13 already trading. The move follows a successful trial of a new format store (with a floorspace of 400 square metres rather than the usual 700 square metres) designed for smaller, more densely populated urban areas.
A further £64 million has been invested in acquiring the freehold interests of existing UK properties, the company said.
Commenting, Ian Cheshire, Kingfisher's group CEO, said: "We are backing Britain, investing to grow our B&Q and Screwfix businesses in the UK, creating jobs and supporting local communities. We have the balance sheet strength and financial flexibility to do this. Although the economic outlook is uncertain, this investment demonstrates our confidence in the UK's longer-term growth prospects."
Euan Sutherland, CEO of Kingfisher UK & Ireland, added: "We are delighted to be bringing B&Q's choice, convenience and value to areas where B&Q has not been represented and adding extra jobs to the roles already safeguarded.
“At Screwfix, we have been trialling a smaller store format for some time and it has proved very popular with customers. The new format opens up a lot of new locations that would not otherwise have been possible. It gives us scope to expand the Screwfix network to over 300."
Kingfisher is also expanding internationally. Earlier this week it announced plans to invest £115 million in opening nine new Castorama stores in Russia over the next two years.
