Kingfisher is looking for a new London headquarters, it has emerged, which is set to boost the commercial property market after the difficulties facing the sector following the Brexit vote.
According to the Telegraph, the retailer behind B&Q and Screwfix is looking for a HQ of 300,000 square feet, and has appointed Cushman & Wakefield to find the right building.
Kingfisher recently took an extra floor in its current headquarters in Paddington, refusing to put expansion plans on hold after the Brexit vote.
This may be because the company has been beating market expectations, and has been performing more strongly in the UK than in France.
In August, Kingfisher reported that like-for-like sales were up three per cent. The UK sales were up 7.2 per cent; Screwfix's sales jumped 13.3 per cent.
But, the French business was troubled by "widespread industrial action and exceptionally wet weather", Kingfisher's chief executive Véronique Laury said. Like-for-like sales were down by 3.2 per cent.
Laury said at the time: "In the UK, the EU referendum result has created uncertainty for the economic outlook, although there has been no clear evidence of an impact on demand so far on our businesses."
But despite seeing the outlook as uncertain in the UK, Laury is pushing ahead with expansion plans. The company is said to be looking for space in the West End and the City.