Kingfisher looks to offload LibertySurf

Retail giant Kingfisher is looking for a buyer for its net interests in ISP LibertySurf in an attempt to raise money to clear its mounting debts.

According to a report in the Sunday Times, Kingfisher, which owns B&Q and Comet in the UK and electronics stores Darty and Castorama in France, wants to offload its 35 per cent stake in the ISP. The move comes only a week after Kingfisher confirmed it was splitting off Woolworths and Superdrug from its other retail interests. Reports claim the sale would allow Kingfisher to raise cash and pay off growing debts. Kingfisher declined to comment, claiming the report was based on speculation and rumour.