Kingfisher chairman Peter Jackson said that the venture has been a success and has provided a useful springboard for entering the large and fast-growing mainland China market.
However, Jackson said: “After 11 years of expansion, B&Q Taiwan now offers only limited opportunities for future market share growth for Kingfisher. This sale is consistent with our focus on capital allocation and investment returns.”
Taiwan was Kingfisher’s first Asian market entry in 1996. At present, Kingfisher has 21 Taiwanese stores. In the year to February 3, Kingfisher reported a pre-tax profit of£5 million and net assets of£20 million from its 50 per cent stake in the business. The sale is expected to be completed at the end of this month, subject to regulatory approval.
DIY chain Wickes, owned by Travis Perkins, reported total sales up 9.4 per cent for the 48 weeks to December 1. Like-for-likes climbed 5.4 per cent in the period.
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