Firm's China market sold for £140m
B&Q owner Kingfisher is to sell a controlling stake in its loss-making China business for £140 million as it focuses on its core European market.
Kingfisher, which has 1,176 stores across 11 countries in Europe and Asia, plans to sell a 70 per cent stake in the B&Q operation to Beijing-based retail group Wumei Holdings.
B&Q opened its first Chinese store in 1999 and now has 39 outlets, employing more than 3,000 staff.
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