Over 600 jobs saved at B&Q Ireland as examiner's plan accepted

The High Court has approved the examiner's recommendations for DIY chain B&Q Ireland.

Under the scheme, which sees over €2.4m in new investment by parent company Kingfisher, B&Q Ireland will continue to trade at eight stores nationwide. 640 jobs have been secured with today's decision.

The group's rescue plan included the closure of its Waterford store, which closed last week, with the loss of 47 jobs.

Another four stores had also been under threat, including its outlet in Athlone, but these will now remain open.

B&Q Ireland sought the appointment of an examiner in January, in an effort to save the business which had been significantly loss making due to the deterioration of the economy and ''unsustainable rents''.

"B&Q Ireland employees have had a challenging three months, and so today's encouraging plan is a great relief,'' commented Brian Mooney, chairman of B&Q Ireland.

''There is huge regret that the Waterford store was not viable, but, for the rest of the business, we look confidently forward to a sustainable future. We are more committed than ever to our operations in Ireland, and our loyal customers and employees", he added.

B&Q has operated in Ireland since 2002 and has outlets in Athlone, Cork, Galway, Limerick, Naas and at three locations in Dublin - Swords, Liffey Valley and Tallaght.

Source : RTE News
www.rte.ie/news/business/2013/0507/390799-bq-ireland/