Hubo pulls out of Bricoking

The Belgian Hubo franchise chain has given up its majority stake in the Spanish Bricoking Group. Bricoking’s founder Juan José Jaén now holds 100 per cent of the shares in the company. Hubo had bought into the Spanish retailer based in La Coruňa, Galicia, in May 2009. It appears that the possibility of buying the shares back was provided for in the original agreement reached at that time. Bricoking now intends to undertake a process of restructuring in order to improve efficiency. The closure of three to five stores is planned as part of this effort. In addition, more prominence is to be given to the Bricoking City neighbourhood store format.