Has B&Q become a builders' merchant?

Published:  10 December, 2012

B&Q-owner Kingfisher has signed up to a scheme disclosed in the Autumn Statement to sell supplies and equipment through B&Q and Screwfix on credit.

The pilot will begin early next year through B&Q's Tradepoint business and Screwfix. Kingfisher will pay the government a 2% fee to underwrite the loan.

Kingfisher chief executive Ian Cheshire said that the retailer would get access to the government's balance sheet at a better rate than it would a bank. The move allows tradespeople to gain credit even if they would have been too small or too new to qualify under normal banking rules.

Mr Cheshire said: "By cutting out the banks, you can unlock that credit into the economy."

The scheme was introduced amid frustration over subdued lending to businesses.

Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight

We have vacancies all over the UK for those who work within the Building Supplies sector.

Events Diary