B&Q announces agreement to acquire Homebase store in Waterford

B&Q Ireland has reached an agreement to buy three Homebase stores in Ireland, including one in Waterford city.

In a statement, issued on Christmas Eve, the company said the three stores in Waterford, Letterkenny and Navan will complement its existing network of eight stores in the Republic of Ireland.

Following conversion to the B&Q brand, the stores will have a total combined selling area of over 9,300 square metres.

The company says the agreement to acquire the stores is subject to landlord and customary regulatory approvals, with the expectation that the transactions will complete in the first quarter of next year.

B&Q says it aims to convert the first of the stores to its banner in the first half of next year and plans to complete the conversion of all sites by the end of 2025.

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On completion of the acquisition, following a period of consultation with the employees at the three stores, it is anticipated they will become employees of B&Q.

"We’re delighted to be adding these three stores to our fantastic store network," said Graham Bell, CEO of B&Q.

"We’re determined to give home improvers the choice and convenience they deserve, and these locations need a home improvement store that fulfils their need.

"We look forward to swiftly concluding the purchase and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family," he added.

The current Homebase store in Waterford is located at Ardkeen Retail Park on the outskirts of the city.