Magnet in Andover to close as part of national restructure

Kitchen retailer Magnet is set to close its Andover store as part of a nationwide restructuring plan affecting 15 sites.

The company confirmed the Hampshire branch is among a number of “underperforming” locations earmarked for closure under a proposed company voluntary arrangement (CVA), aimed at reducing costs and securing the group’s financial future.

Magnet said the restructuring is intended to address “property costs that are no longer sustainable”, while protecting the majority of its business. Most of its 159 stores across the UK will continue trading as normal.

Magnet in Andover (Image: Magnet)

It has not been confirmed how many jobs could be affected by the Andover closure. However, the company said staff would be supported through the process, with efforts made to offer alternative roles within the business where possible.

Customers with existing orders at the Andover branch will have them transferred to the nearest alternative store, Magnet said.

The proposals are subject to approval by creditors and will be overseen by advisers from Interpath.

Sophie Rose, chief executive of Magnet Group, said: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted.

“But taking this action now is the right thing to do for the long-term health of Magnet Group.

“It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate.”

The full list of closures include:

– Andover, Hampshire

– Birmingham Minworth, West Midlands

– Blackburn, Lancashire

– Bridgwater, Somerset

– Brighton, East Sussex

– Colwyn Bay, Wales

– Dorking, Surrey

– Farnborough, Hampshire

– Ramsgate, Kent

– Romford Trade, Greater London

– Stirling, Scotland

– Stockton, County Durham

– Watford, Hertfordshire

– Weymouth, Dorset

– York Trade, North Yorkshire