B&Q is placed into examinership

Greenview

http://www.galwaynews.ie/30118-concerns-galway-outlet-bq-goes-examinership

Hope the Knocknacarra store survives any restructuring.

beardybrewer

I was so excited when B&Q first opened. Then I became bitterly disappointed because their prices are terrible. Much better off at T O'Higgins in Shantalla or online when not a rush. If you're really stuck McDonoghs (great paint counter) or Woodies. The only thing B&Q has going for it is I can walk there.

I would be sad to see a big empty spot in the Galway West Centre and the loss of jobs. That said, I've always found their extended opening hours strange. On top of it they used to open up really early to act a trade counter. Those long opening hours must add up.

antoobrien

I've never gone to B&Q, so this doesn't particularly bother me as a loss of a DIY shopping option, but the potential for lost jobs is sad but not surprising (the examinership of Atlantic Homecare/Woodies being the first major DIY chain to buckle).

I've a feeling that, like Woodies, this is a roundabout way of getting a rent review because a lot of their stores will be stuck with upward only review clauses (illegal in new contracts since 2009).

Mr_A

Not surprised B+Q ended up in trouble. I was in the flooring section there recently and a staff member asked me if I "wanted decking".

Fortunately I was quick and got the first punch in.

Private Joker

Mr_A wrote: »

Not surprised B+Q ended up in trouble. I was in the flooring section there recently and a staff member asked me if I "wanted decking".

Fortunately I was quick and got the first punch in.

I'll get your coat.

antoobrien

antoobrien wrote: »

I've a feeling that, like Woodies, this is a roundabout way of getting a rent review because a lot of their stores will be stuck with upward only review clauses (illegal in new contracts since 2009).

Looks like there was a bit of truth to that guess, B&Q are paying twice the going rate for their rent across the 9 stores in Ireland.

They have no bank debts, no arrears in revenue (i.e. creditors that are slow paying up) and have total revenue of €94m for the last available accounts (up to Jan 2012). Unfortunately they owe their parent company €17m.

The Waterfrod & Athlone stores are expected to close with the loss of 23 full time & 69 part time jobs (out of 190 full time & 500 part time nationwide).

There's no mention of the Galway store, so it looks as if it will remain open with minimal (if any) job losses.

antoobrien

antoobrien wrote: »

no arrears in revenue (i.e. creditors that are slow paying up)

Broadly good news for the remaining employees - arrears to the revenue in this context means they aren't behind on payments to the state(VAT, PAYE, PRSI, USC) . Very often the state is the first person to stop getting paid when a company gets into trouble.

antoobrien

Deleted User wrote: »

Broadly good news for the remaining employees - arrears to the revenue in this context means they aren't behind on payments to the state(VAT, PAYE, PRSI, USC) . Very often the state is the first person to stop getting paid when a company gets into trouble.

Your're right, I took that up wrong because it states specifically that there's no debt to Revenue (there's an undertaking to pay the €1.25m payment due), then later they use revenue with a lower case r, and I missed the "the", which I took to mean credit owed to B&Q.

My bad.

somefeen

Delighted! The ***** wouldnt give me a job back in 2007

ben.schlomo

somefeen wrote: »

Delighted! The ***** wouldnt give me a job back in 2007

Id say they have regretted it every day since alright.:rolleyes:

somefeen

ben.schlomo wrote: »

Id say they have regretted it every day since alright.:rolleyes:

Yep! Sole reason they're in trouble if you ask me!

jjf1974

There saw for cutting sheves etc is an excellant service and saves a lot of time if you know what sizes you want.I think all there pluming fittings are about 3 times what you would pay in a builders provider.There electricaL fittings are also a crazy price .