Magnet Kitchens to Close 15 Under-Performing Stores Across UK

Magnet Kitchens, a leading UK kitchen retailer with 159 showrooms, has announced the closure of 15 'under-performing' stores as part of a Company Voluntary Arrangement (CVA) restructuring process. The company stated that the decision was necessary to address 'property costs that are no longer sustainable.'

Details of the Closures

The affected stores are located across England, Scotland, and Wales, including sites in Andover, Birmingham Minworth, Blackburn, Bridgwater, Brighton, Colwyn Bay, Dorking, Farnborough, Ramsgate, Romford Trade, Stirling, Stockton, Watford, Weymouth, and York Trade. The majority of the brand's outlets will remain unaffected and continue trading as usual.

While the exact number of employees affected has not been disclosed, Magnet confirmed that impacted staff 'will be supported throughout and suitable alternative roles within the business will be offered wherever possible.'

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CEO Statement

Sophie Rose, chief executive of Magnet Group, commented: 'This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted. But taking this action now is the right thing to do for the long-term health of Magnet Group. It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate. I am confident these proposals will help Magnet Group build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.'

Company Background

Magnet was established by Tom Duxbury in 1918, starting life as a joinery firm in Bingley, Yorkshire. The company was named after Duxbury's cherished horse, Magnet, and has maintained a reputation for quality over its century-long history. The restructuring plan requires creditor approval, and customer orders from closing stores will be transferred to the nearest alternative showroom.