China losses force Kingfisher to pare back

Kingfisher is planning to cut its shop space in China by 40 per cent over the coming two years as Europe’s biggest home improvement chain overhauls its loss­making Chinese operation.

Ian Cheshire, who rep­orted a 75 per cent plunge in Kingfisher’s pre-tax profits for the year after notching up £230m of exceptional charges linked to the Chinese venture, said the business was salvageable but needed to be pared back.