The board of home and DIY giant Kingfisher has agreed to return more than £130m in business rates relief in full, becoming the latest retailer to do so.
In a statement to the City, the B&Q owner said it would be returning approximately £130m to the government and that, as a result, its expected adjusted profits for the year would now include around £85m of non-recurring cost savings – down from £175m in previous guidance.
Kingfisher noted it had also repaid in full the £23m it had received from the government as part of the Coronavirus Job Retention Scheme.
The retailer noted that in the early months of the pandemic, despite being designated an essential retailer, it had taken the decision to close B&Q and Screwfix stores in the UK, which had a profound impact on sales.
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