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Bunnings makes large losses in UK and disappoints parent company

The first Bunnings pilot store in the UK opened in February 2017 and there are 19 pilot stores currently trading.

The first Bunnings pilot store in the UK opened in February 2017 and there are 19 pilot stores currently trading.

The takeover of the British Homebase DIY stores is causing the Australian chain Bunnings greater problems than previously admitted. Wesfarmers, the Bunnings parent company, will set out write-downs on various positions to a total of GBP 584 mio (AUD 1.023 bn, EUR 666 mio) as well as loss before interest and tax of GBP 97 mio (AUD 165 mio, EUR 111 mio) in its half-year report. This is according to an announcement in a press release two and a half weeks before publication of the report on 21 February 2018.

In it, Rob Scott, Managing Director of Wesfarmers, is quoted as saying that the Homebase takeover remains below expectations, "which is obviously disappointing". A review of involvement in Great Britain and Ireland has commenced "to identify the actions required to improve shareholder returns". Observers see this as a signal for a possible withdrawal from Great Britain by Bunnings.

| 6 February 2018


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