Wickes
{{short description|British home improvement store chain}}
{{distinguish|text= former furniture retailer in America, Wickes Furniture}}
{{other uses}}
{{Use dmy dates|date=November 2021}}
{{Infobox company
| name = Wickes Group plc
| trade_name = Wickes
| image = Wickes DIY store, Catford - geograph.org.uk - 1633781.jpg
| image_caption = Store in Catford in 2011
| logo = Wickes logo.svg
| type = Public
| traded_as = {{LSE|WIX}}
| genre =
| foundation = 1972
| founder =
| location_city = Watford
| location_country = England, United Kingdom
| location =
| area_served = United Kingdom
| key_people = Christopher Rogers (Chairman)
David Wood (CEO)
| industry = Retail
| products = {{Unbulleted list|Do It Yourself|Do It For Me|Home Improvement|Garden Supplies|Kitchens & Bathrooms}}
| services =
| revenue ={{decrease}} £1,538.8 million (2024){{cite web |url=https://www.wickesplc.co.uk/media/lkifrbkx/fy-2024-rns-merged-website-final-20mar.pdf|title=Annual Results 2024|publisher=Wickes |access-date=20 March 2025}}
| operating_income ={{decrease}} £47.3 million (2024)
| net_income ={{decrease}} £18.4 million (2024)
| assets =
| equity =
| owner =
| num_employees =
| parent =
| divisions =
| subsid =
| homepage = {{url|https://www.wickes.co.uk}}
| footnotes =
}}
Wickes Group plc is a British home improvement retailer.
It is the second largest home improvement retailer in the United Kingdom, behind B&Q. Whilst open to the general public, its sales of supplies and materials are predominantly orientated towards tradespeople.{{Cite web |last=Saker-Clark |first=Henry |date=2023-03-17 |title=Home improvement firms set to post lower profits after costs soar |url=https://www.standard.co.uk/business/business-news/home-improvement-firms-set-to-post-lower-profits-after-costs-soar-b1068178.html |access-date=2025-02-06 |website=The Standard |language=en}} It is a specialist of kitchen and bathroom installations, with display showrooms at its locations.{{Cite news |last=Eley |first=Jonathan |date=2021-04-28 |title=Wickes counts on kitchens and bathrooms in London market return |url=https://www.ft.com/content/cd7342b2-a319-4a0f-b7e5-ce4ed519807a |access-date=2025-02-09 |work=Financial Times}}
In April 2021, it was spun-off from Travis Perkins, and then re-listed on the London Stock Exchange.{{Cite web |last=Jahshan |first=Elias |date=2021-04-28 |title=Travis Perkins shareholders give Wickes spin-off the green light |url=https://www.retailgazette.co.uk/blog/2021/04/travis-perkins-shareholders-give-wickes-spin-off-the-green-light/ |access-date=2025-02-09 |language=en-GB}}
History
File:Wickes, Leads Road Hull Sign.jpg
In 1972, the United States–based Wickes Companies, whose operations included a chain of lumberyards, teamed with British builders merchant Sankeys to open the first Wickes store in the United Kingdom. By 1987, Wickes was trading from 41 locations, and was floated on the London Stock Exchange under the leadership of CEO, Henry Sweetbaum.{{cite news|url=https://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html|title=The DIY boss and the private network he assembled himself|date=27 July 1996|newspaper=The Independent|access-date=24 April 2021}} Serious accounting irregularities, involving the overstatement of profits, were uncovered in June 1996.{{cite news|url=https://www.nytimes.com/1996/06/26/business/international-briefs-wickes-says-it-found-accounting-irregularities.html|title=INTERNATIONAL BRIEFS; Wickes Says It Found Accounting Irregularities|work=The New York Times|date=26 June 1996|access-date=23 December 2020}}
In November 1996, Bill Grimsey was appointed CEO, to oversee its recovery from the accounting scandal, that saw its share price suspended and the banks foreclosing.{{Cite news|url=https://www.independent.co.uk/news/business/wickes-names-grimsey-as-new-chief-executive-1354793.html|archive-url=https://web.archive.org/web/20100304135243/https://www.independent.co.uk/news/business/wickes-names-grimsey-as-new-chief-executive-1354793.html|url-status=dead|archive-date=4 March 2010|title=Wickes names Grimsey as new chief executive|last=Tooher|first=Patrick|date=29 November 1996|work=The Independent|access-date=16 April 2009|location=London}} In January 1997, Grimsey launched a rights issue, started an employee share scheme, and turned around the company's image.{{Cite news|last=Cope|first=Nigel|date=7 January 1997|title=Wickes to resume trading today|url=https://www.independent.co.uk/news/business/wickes-to-resume-trading-today-1282079.html|access-date=25 May 2011|work=The Independent}}
In September 2000, Wickes was purchased by Focus Group, with backing from Duke Street Capital. This deal eventually made Focus Group the UK's second largest home improvement retailer, behind B&Q.{{Cite news|url=http://news.bbc.co.uk/1/hi/business/905861.stm|title=Do It All at Wickes|date=1 September 2000|work=BBC News|access-date=16 April 2009}} Thirty-six Focus stores were rebranded to Focus DIY, growing Wickes from 131 stores in October 2000 to 172 in March 2004.{{Cite news|url=https://www.theguardian.com/business/2004/dec/17/1|title=Travis nails Wickes for £950m|date=17 December 2004|work=The Guardian}}
In December 2004, Focus Group sold Wickes to Travis Perkins.{{Cite web|url=http://www.wickes.co.uk/page/corporate|title=Wickes – Corporate}} The sale was completed in February 2005.{{cite web|url=https://assets.publishing.service.gov.uk/media/555de402e5274a74ca0000e3/travisperkins.pdf|title=Anticipated acquisition by Travis Perkins plc of Wickes Ltd|publisher=Office of Fair Trading|date=4 February 2005|access-date=24 April 2021}}
Wickes acquired seven stores from a struggling Focus DIY in October 2007, after Cerberus Capital took it over in June 2007 for £1; these stores were in Glossop, Mansfield, Penrith, Bulwell, Plumstead, Dumfries and Hereford.{{Cite news|title=Focus DIY sold for £1|work=The Guardian|url=https://www.theguardian.com/business/2007/jun/18/privateequity2|access-date=12 March 2008|location=London|date=18 June 2007}}
In December 1996, the management of Wickes decided to cut back its operations in France, Belgium and the Netherlands and to concentrate solely on its operations in the United Kingdom.{{cite news|url=https://www.independent.co.uk/news/business/rights-issue-to-ward-off-receivers-at-wickes-1314358.html|title=Rights issue to ward off receivers at Wickes|work=The Independent|date=13 December 1996|access-date=30 December 2017}} All mainland operations in Europe were sold to the French do it yourself chain, Bricorama, in June 1997.{{cite web|url=https://www.lsa-conso.fr/bricorama-reprend-la-branche-continentale-de-wickes,18599|title=Bricorama reprend la branche continentale de Wickes|publisher=www.lsa-conso.fr|date=8 May 1997|access-date=30 December 2017}} The company's joint venture in South Africa ended in February 1997.{{cite news|url=https://www.independent.co.uk/news/business/wickes-withdraws-from-south-african-venture-1279335.html|title=Wickes withdraws from South African venture|work=The Independent|date=18 February 1997|access-date=30 December 2017}}
In May 2011, it was announced that Wickes had purchased thirteen stores from the appointed administrators of Focus DIY, Ernst & Young, saving 345 jobs.{{Cite news|url=https://www.bbc.co.uk/news/business-13426192|title=Wickes buys 13 stores from Focus|date=16 May 2011|work=BBC News|access-date=16 May 2011}} By 2017, the company had over two hundred stores in the United Kingdom.{{cite news|title=Top 20 DIY stores in Britain|url=https://www.telegraph.co.uk/interiors/home/top-20-diy-stores-britain/|access-date=14 October 2017|work=The Telegraph|date=3 January 2017}}
The company had entered into a franchise agreement for the Wickes brand to be operated in Ireland by a subsidiary of Moritz Holdings, an Irish developer.{{Cite news|url=https://citywire.co.uk/funds-insider/news/travis-perkins-in-deal-with-ireland-s-moritz-to-open-wickes-franchises/a288506|title=Travis Perkins in deal with Ireland's Moritz to open Wickes franchises|date=26 October 2007|access-date=23 December 2020|website=citywire.co.uk}}{{Cite news|url=https://www.retail-week.com/wickes-strikes-franchise-deal-to-enter-ireland/202056.article?authent=1|title=Wickes strikes franchise deal to enter Ireland|website=retail-week.com|date=26 October 2007|access-date=23 December 2020}} The first store opened in Limerick. Moritz had planned to open fifteen stores within five years, but initial plans for a €30{{nbsp}}million expansion were later put on hold, pending an assessment of market conditions, in April 2009.{{Cite news|url=https://www.independent.ie/business/irish/expansion-of-wickes-diy-stores-put-on-hold-26530069.html|title=Expansion of Wickes DIY stores put on hold|date=21 April 2009|access-date=21 April 2009|work=Irish Independent}}{{Cite news|url=https://www.investegate.co.uk/travis-perkins-plc/rns/wickes-franchise-agreement/200710260701414123G/|title=Travis Perkins PLC (TPK)|website=investegate.co.uk|date=26 October 2007|access-date=23 December 2020}} The franchise relationship ended in February 2013, with the store closed down, and the liquidator was "denied access" to the store.{{Cite news|url=https://www.limerickleader.ie/news/local-news/99382/Liquidator--denied-access--to.html|title=Liquidator 'denied access' to DIY store in Limerick|website=limerickleader.ie|date=2 July 2013|access-date=23 December 2020}}
In May 2018, BBC News Online reported that Wickes planned to cut a third of its head office workforce in a bid to reduce costs. Parent company Travis Perkins said the cuts would affect workers in Watford, Hertfordshire, where it employed three hundred people.{{Cite news|url=https://www.bbc.co.uk/news/uk-england-beds-bucks-herts-44127577|title=DIY retailer Wickes to axe third of head office jobs|work=BBC News|date=15 May 2018|access-date=23 December 2020}}
In July 2019, along with reports of sales being up 9.7%, the parent company of Wickes, Travis Perkins, announced plans to action a demerger and spin off Wickes, quoting Wickes "is well positioned to thrive as a stand alone business" and "will have the autonomy to execute on its strategy and allocate capital to its customer proposition and growth opportunities with a clearer focus."{{Cite web|url=https://www.retailgazette.co.uk/blog/2019/07/travis-perkins-details-plans-wickes-sale/|title=Travis Perkins details plans for Wickes demerger|first=Ava|last=Szajna-Hopgood|date=31 July 2019|access-date=31 July 2019}} In April 2021, it was confirmed that Wickes would be demerged from Travis Perkins by the end of the month.{{cite news|url=https://www.cityindex.co.uk/market-analysis/everything-you-need-to-know-about-the-wickes-ipo/|title=Wickes IPO: what to expect from its demerger from Travis Perkins|date=21 April 2021|work=City Index|access-date=24 April 2021}}
The demerger was completed on 28 April 2021, with Wickes Group plc launching on the London Stock Exchange.{{Cite web|title=London Stock Exchange welcomes Wickes Group plc to the Premium Segment of the Main Market|url=https://www.londonstockexchange.com/discover/news-and-insights/london-stock-exchange-welcomes-wickes-group-plc-premium-segment-main-market|access-date=29 April 2021|website=www.londonstockexchange.com}}
In June 2023, Wickes' Chief Operating Officer Fraser Longden caused controversy by labelling some customers "bigots" over their perceived attitudes to the trans movement.{{Cite web|title=Wickes faces boycott after boss said trans critical shoppers are ‘not welcome in our stores’|url=https://www.lbc.co.uk/news/trans-row-pride-month-wickes-ceo-outrage/|access-date=2024-08-03|website=LBC|language=en}} The company has supported various LGBTQ+ events.{{cite web|url=https://www.mediorite.co.uk/projects/wickes-pride/|title=Wickes Pride|publisher=Mediorite|access-date=8 August 2024}}
References
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