On the other hand, the group acquired debt of GBP35 million with the business, which was settled immediately, and took over cash of GBP7 million with Bricostor Romania, Kingfisher said in a financial statement Wednesday.
The total value of the deal, which was announced in April this year, amounted to GBP63 million.
“Provisional goodwill of GBP13 million has been recognized on acquisition,” Kingfisher said.
The 15 Bricostore units Kingfisher bought registered sales of GBP11 million (EUR13 milllion) in one month’s trading included in the report.
Kingfisher said in April it acquired from France’s Group Bresson Bricostore’s 15 stores in Romania, which registered sales of EUR131 million last year. The British group said at that time it was considering expanding the network to 50 stores in the longer-term.
Kingfisher operates about 1,050 stores in nine countries in Europe and Asia. The group registered sales of GBP10.57 billion in the fiscal year ended January 2013, down 2.4% on the year.
Its competitors in Romania include Ambient, bauMax, Dedeman, Hornbach, Mr. Bricolage, OBI, Praktiker and Leroy Merlin.
In the first half of fiscal year 2013-2014, which ended on August 3, the British group registered sales of GBP5.7 billion, up 4.3% on the year. Its operating profit fell slightly to GBP394 million.