Kingfisher PLC (LON:KGF), the B&Q and Screwfix owner, is to return £130mln of business rates relief to the UK government.
The move follows similar actions by Tesco, Sainsbury’s, Morrisons and other retail chains last week.
Business rates relief was one of the measures introduced by UK chancellor Rishi Sunak to help retailers cope with the coronavirus (COVID-19) pandemic lockdowns.
Kingfisher said it has already repaid £23mln it had received under the government’s job retention scheme, another of emergency measures introduced at the onset of the first lockdown
B&Q and Screwfix stores closed in March other than to online click and collect, but since reopening fully business has been strong with good demand for DIY and home improvement said the FTSE 100 company.
Kingfisher had expected £110mln of the business rates relief to fall in this financial year to end January 2021 and the balance in the following year.
Without the relief, results for the year to next January will now include £90mln less non-recurring cost savings of £85mln compared to previous guidance of £175mln.
In a statement, Andy Cosslett, the company's chairman, said: "Kingfisher is in a sound financial position with continuing positive trading momentum, due to both strong consumer demand and the benefits of our strategy.
“We are pleased that we are in a position to do this, and hope that the money can now be redeployed by the government and local authorities where it is needed most."