Kingfisher plc, an international home improvement company, announces the sale of its Brico Dépôt Romania business to local electro-IT retailer Altex for an enterprise value of €70 million (equivalent to £58 million).
The sale comprises the entire Brico Dépôt Romania business, including its network of 31 stores in 24 cities, distribution operations, and head office in Bucharest. Subject to regulatory approval, it is expected to be completed during the first half of FY 2025/26.
In FY 2023/24, Brico Dépôt Romania delivered sales of £269m, representing 2.1% of group sales, and contributed a retail loss of £(18)m and a free cash outflow of £(17)m. Kingfisher entered the Romanian market in 2013, acquiring Bricostore from French retail business Group Bresson. It expanded its store network in the country after the acquisition of Praktiker Romania in 2017.
Kingfisher is an international home improvement company with over 1,900 stores in eight countries across Europe under retail banners including Screwfix, B&Q, Castorama, Brico Dépôt, TradePoint and Koçtaş.
