In a strategic pivot, Speedy says that its relationship with B&Q has “evolved to a more digitally focused model”.
Speedy has pulled out of B&Q stores but B&Q customers can still hire Speedy products online when they are in B&Q stores (or anywhere else presumably).
The venture and the U-turn has cost Speedy £2m, which will be taken as a one-off cost in the accounts for the just-completed financial year (ending 31st March 2024).
In a trading update ahead of releasing the full result in June, Speedy said that the group had “performed resiliently against a challenging market backdrop and wider macroeconomic uncertainty”.
Total group revenue of £420m for the year was down 5% on the previous year.
