Kitchen firm Magnet plans 15-store closure move

Kitchens company Magnet Group is closing 15 stores nationally in major turnaround plans.

The firm is axing “underperforming” bases in a bid to secure the “long-term health” of the business.

It says the move forms part of a company voluntary arrangement restructuring process aimed at “addressing property costs that are no longer sustainable”.

Stores earmarked for closure across the firm’s 100-plus estate include sites in Andover, Birmingham, Colwyn Bay, Dorking, Stirling, Stockton-on-Tees, Weymouth and York.

The Darlington-headquartered firm hasn’t revealed how many workers will be affected, but says staff “will be supported throughout” and “offered suitable alternative roles wherever possible”.

The proposals – which will be overseen by Natasha Harbinson, Will Wright and Chris Pole, of advisory firm Interpath – are subject to creditor approval.

Sophie Rose, Magnet Group chief executive, said: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted.

“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 build a stronger, more resilient business.”

Further stores in Blackburn, Bridgwater, Brighton, Farnborough, Ramsgate, Romford and Watford are also set to close.

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