B&Q launches loans service for financing DIY work

B&Q is taking another step into the home finance market with the launch of a loan product designed to help consumers budget for costly new year renovation projects.

The Kingfisher-owned DIY retailer wants to compete with established loan providers by offering a lengthy interest-free period on loans of up to £25,000 under the Homeplan brand. B&Q has developed the product in conjunction with GE Consumer Finance.

Backed by new year press ads, Homeplan represents B&Q's latest effort to position itself as a broad home improvements brand, rather than just a retailer of DIY products.

B&Q director of brand and marketing David Roth said: "We know our customers want to shop as and when they are doing their DIY. They can speak to our trained consultants to agree the scale of their project to evaluate overall cost and then have the flexibility to spend when they want."

The Homeplan launch comes on the back of buoyant third-quarter results last week from Kingfisher, in which the retail conglomerate announced that strong sales at B&Q lifted group profits to £180m, a rise of nearly 16%.

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