B&Q
From Wikipedia, the free encyclopedia
| B&Q | |
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| Type | Private (subsidiary of Kingfisher PLC) |
|---|---|
| Founded | Southampton (1969) |
| Headquarters | Eastleigh |
| Key people | Richard Block, Founder David Quayle, Founder |
| Industry | Retail |
| Products | DIY home improvement tools |
| Revenue | £4.1 billion GBP (2004/2005) |
| Employees | 38,000 (2006) |
| Slogan | You can do it when you B&Q it. |
| Website | B&Q Online website |
B&Q is a British retailer of DIY and home improvement tools and supplies. It was founded in 1969 and as of 2004 is the largest DIY retailer in Europe and the third largest in the world. It is a subsidiary of the retail group Kingfisher PLC, which is listed on the London Stock Exchange.
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[edit] History
B&Q was founded in March 1969 in Southampton by Richard Block and David Quayle. The store was originally called Block & Quayle, but this was soon changed to B&Q. This first store soon spawned others across the UK; by 1979 there were 26. By this time, the first of the co-founders had left the business: Block left in 1976 and Quayle in 1982.
B&Q grew rapidly during this time through a combination of mergers, acquisitions and expansions. In 1980, B&Q bought the Scottish company Dodge City, and was itself acquired by F. W. Woolworth Company. F. W. Woolworth's UK subsidiary (Woolworths Ltd.) and B&Q were bought, two years later, by Paternoster, who are now known as Kingfisher PLC and are still B&Q's parent company.
Mid 1990's saw B&Q open a new format of store known as the B&Q Depot. This was a forerunner of a new class of store known as the B&Q Warehouse. Beckton Warehouse, Enfield Warehouse and Romford Warehouse were amongst the first of the new format stores to open.
In the late-1990s, B&Q became active in the rest of Europe and the rest of the world. First, in 1995 it co-operated with parent company Kingfisher PLC to open its first overseas subsidiary in Taiwan, and 1996 the first overseas large home improvement center in Taoyuan City, Taiwan. In 1998, it acquired NOMI, Poland's leading chain of DIY stores; later that year B&Q merged with France's Castorama. In 1999 B&Q opened a store in Shanghai, and acquired the British hardware mailorder company, Screwfix.
[edit] Where B&Q is Today
By 2000 B&Q had 50 of its larger Warehouse stores; this had doubled by 2003. As of February 2006, B&Q in the UK had 329 stores and employed over 38,000 people. Its 2004/05 turnover was £4.1 billion, and profit £400.5 million. B&Q formerly advertised under the slogan "You can do it when you B&Q it", but this has been adjusted to 'The Real Deal'. B&Q sponsored Ellen MacArthur's round the world sailing success in trimaran B&Q.
The company has launched a range of DIY fit air conditioning units, and in 2006 launched the first [citation needed] easily installed domestic wind turbines and solar panels in the [UK]] and Ireland.
B&Q has recently been going through some dreadful times and has had a change of CEO. Ian Cheshire, the new CEO has embarked on a mass store closure programme and a downsizing of 16 of the less profitable warehouse stores. At the same time 400 staff were made redundant at the head office, or the Store Support Office as it is known within B&Q. The company has launched a new strategy under the title of 4-3-3. New store formats are also being experimented with.
[edit] The Future?
There are frequent rumours that B&Q will be bought by one of the American DIY chains Home Depot or Lowes, respectively the world's largest and second largest DIY and home improvement retailers. Visitors to both Home Depot and B&Q stores will notice how remarkably similar stores in the two chains are to each other, both using an orange colour scheme and having a similar style layout.
[edit] B&Q as an Employer
Employees of B&Q have enjoyed a 20% discount on all products and, occasionally, may be eligible for a bonus after working for the company for six months.
