25th Nov 2020 08:41
(Alliance News) - Kingfisher PLC on Wednesday said it has acquired NeedHelp for EUR10 million in cash.
The London-based home improvement retailer said, as part of the transaction, Guillaume de Kergariou, the founder of NeedHelp, has reinvested proceeds from the sale in a 20% interest in the business, resulting in Kingfisher owning 80%. de Kergariou will continue as chief executive to lead the team and grow the business, Kingfisher said.
NeedHelp is an online platform that connects customers who need home improvement help, either in-store or online, with vetted professional tradespeople and other skilled experts. The company was founded in France in 2014 and also operates in Switzerland, Germany, Belgium, Austria, and the Netherlands.
NeedHelp already provides its services to customers in more than 500 stores including Kingfisher's French businesses, Castorama and Brico Depot.
"To serve customers effectively today, we need to be more digital and service orientated, while leveraging our strong store assets. Online services marketplaces are key to the future of home improvement retail and NeedHelp is an established and fast-growing player in this arena," explained Kingfisher Chief Executive Thierry Garnier.
"We are proud to support the growth of the home improvement market in Europe, through our open architecture model," added de Kergariou.
Kingfisher shares were trading 0.3% lower in London on Wednesday at 276.80 pence each.
By Evelina Grecenko; [email protected]
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