HAMPSHIRE-BASED DIY retailer B&Q is set to close 60 stores.

It has been announced this morning that the company will close the stores over the next two years as part of a “restructuring”.

The Chandler's Ford-based firm announced last year that it was to close its store in Mayfield Road, Swaythling, Southampton, and the site may be turned into student flats.

B&Q has a superstore in Hedge End and Nursling.

Parent company Kingfisher, which also owns Screwfix, plans to axe about 15 per cent of surplus space as a result of the review of its 360-strong B&Q estate.

The move was announced as it posted a 7.5 per cent drop in annual profits to £675 million after sales fell by 1.4 per cent to £11 billion in the year to January 31.

The 60 stores have not been disclosed.