By Jonathan Davies

The owner of DIY chains B&Q and Screwfix has announced plans to close around 60 B&Q stores over the next two years.

Kingfisher said it would close a "few loss making stores in Europe", as it reported a 15.2% fall in profits for 2014. The firm posted profits of £644m.

"Kingfisher has said for some time that B&Q UK & Ireland can adequately meet local customer needs from fewer stores and that some of the store should be smaller," it said in a statement.