B&Q owner Kingfisher has joined a growing list of retailers as it announced it would return Covid-19 business rates relief aid given by the UK and Irish governments.
The company has benefited from a jump in do-it-yourself projects during coronavirus lockdowns
The move follows similar announcements from big players Tesco, Sainsbury's and Morrisons to smaller ones, including Pets at Home.
UK retailers, who are benefitting from the stockpiling and other lockdown-driven sales, have come under scrutiny for taking government funds while paying out dividends.
Kingfisher's sales have been improving since it reopened stores in late April and early May, supported by higher demand for home improvement across its markets, the company 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," Chairman Andy Cosslett said.
The UK government and devolved administrations in March exempted all retailers from paying the tax on their stores for the 2020/21 financial year to help them through the crisis.
Kingfisher said its total annual business rates bill eligible for the relief was roughly £130m), the returning of which will lower its cost savings by nearly half.
Earlier this year, it repaid £23m it had received under the UK Government's Job Retention Scheme.
The company added it now expects that adjusted earnings for the year would include £85m in cost savings compared to the £175m it had forecast earlier.
