"It would affect our view on investment," Cheshire said. "We would have to pause our investment programme and see what all of these changes would mean for the business before we made any further decisions. I only see risk."
B&Q is currently planning to merge its Stoke store with a Morrisons. Proposals would see the exisiting B&Q revamped and a Morrisons built alongside.
Meanwhile Homebase is closing its Sunderland store on September 6.