Kingfisher has agreed to sell its Brico Dépôt Romania business, after what it described as a “competitive process” to find a bidder.

The DIY giant announced the €70m (£58m) deal for the business with Altex Romania – a leading electronics retailer in the country that already has over 130 stores.

The sale comprises the entire Brico Dépôt Romania business, including its 31 stores, distribution networks and head office in Bucharest.

It comes after Brico Dépôt Romania delivered an £18m loss on sales of £269m for the 2023/24 financial year.

The retailer said it expects the sale to be completed in the first half of 2025/26 nd Kingfisher chief executive Thierry Garnier said he was pleased to have found a “successful local buyer” for its Romanian arm.

“This decision enables us to have greater strategic focus on markets and growth initiatives where we are most strongly positioned to deliver attractive returns and create shareholder value,” he added.

“I would like to thank all Brico Dépôt Romania colleagues for their commitment and customer focus over the years. Following strong interest, the outcome of the sale process is a testament to the progress the team has made in strengthening the foundations of the business.”

Altex Romania boss Dan Ostahie said the business “is excited to announce the acquisition of the Brico Dépôt store network. This marks a significant milestone for all parties involved, and this first step opens up new horizons for growth and opportunities in the DIY market in Romania. Our primary goal is to continue growing while delivering quality services with the customer at the centre of our focus. Our growth strategy is built on an omnichannel model, ensuring a seamless and enjoyable shopping experience for customers, regardless of the sales channel they choose.

“I want to convey a message of confidence to all Brico Dépôt customers, employees and partners. We are committed to developing this business by bringing innovation and efficiency to every aspect of the operation. Every member of our team will benefit from opportunities for professional development and a stimulating work environment that emphasises collaboration and excellence. Altex Romania is confident in the future of Brico Dépôt and is determined to continue serving the community with high-quality products and services.”

The sale brings to an end over a decade in the country for Kingfisher, which acquired Bricostore Romania from French retailer Group Bresson in 2013.

Kingfisher said the sale would have no impact on its Brico Dépôt banners in France, Spain and Portugal.

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