Kingfisher joins other retailers to return emergency taxpayer support
Category: #headlines |   By Pankaj Singh |   Date: 2020-12-08

Kingfisher joins other retailers to return emergency taxpayer support

Kingfisher, the owner of B&Q, has reportedly joined other retailers in the repayment of emergency taxpayer support, amounting to £130 million, that it had obtained as business rates relief.

According to Kingfisher, it had previously returned a sum of £23 million that was secured as part of the government’s job retention scheme. The company’s Chief Executive, Thierry Garnier, is of the opinion that it is appropriate to proceed with the entire repayment of the Irish and the UK business rates.

Garnier further stated that Kingfisher, which also owns the Screwfix DIY chain, had recorded a strong performance on sales since the reopening of its stores during the latter part of April and early May, owing to the higher home enhancement demand amid the pandemic.

Back in March, the government had announced a business rates holiday for helping retailers that were forced to close during the nationwide COVID-19 lockdown. Supermarkets and other key retailers that were permitted to stay open during the pandemic, however, recorded huge increase in sales and have been under pressure for the repayment of financial support. Such companies have become increasingly untenable, particularly in the aftermath of their decision of resuming dividend payments to shareholders.

As per sources, Wickes and Toolstation-owner, Travis Perkins, has not yet formulated plans for the repayment of the relief that it had obtained from the government. According to a spokesman, the company’s business had been greatly impacted during the pandemic. The company is indeed very grateful for all the support that it has secured from the government, which has been responsibly utilized, added the spokesman.

Further, Amazon is all set to repay a sum of £2 million that was procured as business rates relief for its Whole Foods Market. John Lewis and Marks & Spencer Partnership, have, however, refused to follow the suit, even though it has also benefitted from the surge in food sales during the pandemic.

Source credit: https://www.theguardian.com/business/2020/dec/07/bq-kingfisher-covid-business-rates-relief

  • shareShare
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh     Twitter

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

More News By Pankaj Singh

U.K.’s economy to slump worse than other countries in 2023, says IMF

U.K.’s economy to slump worse than other countries in 2023, says IMF

By Pankaj Singh

The U.K. economy is reportedly set to decline and perform worse as compared to other major nations, notably Russia, as the cost of living remains high, as per the International Monetary Fund (IMF). According to the IMF, the economic output would d...

Oil prices hike as China curbs travel rules and US fights winter storm

Oil prices hike as China curbs travel rules and US fights winter storm

By Pankaj Singh

Oil prices reportedly surged to record a three-week high as China lifted its zero-covid policy and extremely cold weather in the United States forced refinery closures along the critical Texas Gulf Coast. Brent crude rose 88 US cents, or 1.1%, to ...

EU accepts carbon market access for $21.3 billion in the energy shift

EU accepts carbon market access for $21.3 billion in the energy shift

By Pankaj Singh

The European Union (EU) policymakers have reportedly agreed to raise nearly $21.3 billion (€20 billion) from the carbon market of that region, to support financing the bloc's strategy to alleviate its reliance on Russia for natural gas in a ...