York Magnet kitchen depot to close as part of restructure

The Magnet chain kitchen and joinery depot in Lysander Close off Kettlestring Lane is among the affected locations named by the company in a reorganisation as it said it aims to address “property costs that are no longer sustainable”.

The closures will take place under a company voluntary arrangement (CVA), and while Magnet has not disclosed the exact number of workers affected, the company said it pledged support and alternative roles where possible.

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Sophie Rose, Magnet Group’s chief executive, 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.

“I am confident these proposals will help Magnet Group build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.”

The majority of Magnet’s 159 stores will remain unaffected and continue operations as usual.

The restructuring proposals, which require creditor approval, will be managed by Interpath.

For customers with pending orders at closing stores, Magnet has assured that their orders will be transferred to the nearest alternative store.

The other nationwide closures include Andover, Birmingham Minworth, Blackburn, Bridgwater, Brighton, Colwyn Bay, Dorking, Farnborough, Ramsgate, Romford Trade, Stirling, Stockton, Watford and Weymouth.