A British kitchen retailer has revealed plans to close 15 branches as part of a significant overhaul of its operations.
Magnet labelled the outlets as underperforming and stated the closures form part of a company voluntary arrangement intended to stabilise the group’s financial position.
The CVA aims to tackle what the company describes as unsustainable property expenses.
Sophie Rose, chief executive of Magnet Group, described the move as a tough choice that was not made without careful consideration, especially regarding potential impacts on staff members.
She added that taking this step now serves the long-term interests of Magnet Group.
The Darlington-headquartered business offers kitchen cabinets, worktops, integrated and freestanding appliances, sinks, and taps.
The branches set to close are located in Andover in Hampshire, Birmingham Minworth in the West Midlands, Blackburn in Lancashire, Bridgwater in Somerset, Brighton in East Sussex, Colwyn Bay in Wales, Dorking in Surrey, Farnborough in Hampshire, Ramsgate in Kent, Romford Trade in Greater London, Stirling in Scotland, Stockton in County Durham, Watford in Hertfordshire, Weymouth in Dorset, and York Trade in North Yorkshire.
The retailer has not indicated when these closures will take place.
The company has also not specified how many positions may be affected, though it has committed to providing assistance and alternative employment opportunities where feasible.
Magnet has assured customers that the vast majority of its 159 stores will remain open for business as usual.
The company has further indicated that any customer orders impacted by the closures will be redirected to the nearest available branch.
The voluntary arrangement will be managed by Natasha Harbinson, Will Wright, and Chris Pole from advisory firm Interpath, pending approval from creditors.
According to the chief executive, this approach enables the business to manage unsustainable property costs while safeguarding its more successful locations.
Britain’s high street has faced considerable challenges this year, with numerous retailers entering administration and others announcing extensive branch closures.
Prominent chains LK Bennett and Claire’s shut all their outlets in April, having previously gone into administration.
Quiz announced it would be closing its remaining 37 stores by the end of June, after entering administration in February for the second time within a year.
Additional retailers compelled to close branches this year include River Island, Primark, Poundland, Revolution, and BrewDog.
Iguanas Holdings Limited, which operates 47 Las Iguanas restaurants across the country, and Poundstretcher also face potential collapse into administration if restructuring proposals are not approved, having encountered financial problems.
UK delivery company Yodel is expected to be phased out over the coming months following its acquisition by InPost.
Nevertheless, the high street has seen some positive developments, with several major brands confirming new store openings for 2026, such as Aldi, M&S, and Superdrug.
Plus-size fashion retailer Evans has also made a return to British high streets in 2026 after shuttering all its stores and concessions in December 2020.