Homebase for sale once again Business

DIY chain Homebase is back on sale after a recent major overhaul to jumpstart its fortunes.

Turnaround specialist Hilco is looking to sell the retailer after getting it back on track and in a booming home improvement market.

The move comes just over two years after the DIY and garden center chain was sold to Hilco for £ 1 after a disastrous spell under the ownership of Australian group Wesfarmers.

Wesfarmers bought the chain for £ 340million in 2016, but attempts to bring its Bunnings home improvement brand to the UK by converting Homebase stores have failed spectacularly.

Hilco has since carried out a massive overhaul, shutting down underperforming outlets, cutting head office jobs, securing rent cuts and cutting costs to recover from large losses.

It is understood that the sales process will begin in the next few days, with initial details to be sent to potential buyers – including other retailers and private equity.

The group hopes to secure a new property by next Easter. A stock market listing would also be one of the options on the table.

The move comes as DIY stores have benefited from a vibrant trade as Britons turned to home improvement projects during the coronavirus lockdown.

If a sale goes through, it would see Homebase’s fourth owner in just five years.

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This notice was published: 2020-11-11 13:16:16