B&Q is ploughing £100m into lower prices

B&Q is investing £100m in bringing down overall shop prices as the DIY chain looks to cut back on promotions and discounts.

The retailer’s new strategy has already seen it drop prices on 2,000 items, with an average saving of 15%. It plans to lower prices on more products later in the year.

Parent group Kingfisher, which comprises a host of DIY brands including B&Q and Screwfix, has unified the buying functions across its divisions, helping it to cut prices.

Paul White, B&Q’s commercial director, said: “People may enjoy hunting for the best deal, but at the end of the day there is much more comfort knowing that there’s one place where you can always get a low price.

“All customers want to have prices they can trust and, as industry leaders, it’s our responsibility to look after their best interests by ensuring our customers get our most competitive price.”

B&Q will reduce the use of “short-term pricing” deals and discounts, including multi-buys.

The firm’s new pricing strategy comes as rival Homebase undergoes a major restructuring.

Homebase has shut 17 stores since February, and has been cutting jobs in its head office.

The company was sold to retail turnaround specialist Hilco in June for £1, and has been considering a restructuring plan known as a Company Voluntary Agreement (CVA), which could lead to the closure of a further 40 outlets.