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Home Retail Group sells Battersea Homebase store for £57 million

Home Retail Group, the owner of Argos and Homebase, has sold its Homebase store in London’s Battersea for £57 million.

GENERAL MERCHANDISE

Home Retail Group sells Battersea Homebase store for £57 million

Home Retail Group, the owner of Argos and Homebase, has sold its Homebase store in London’s Battersea for £57 million.

The company said it has exchanged contracts for the unconditional sale of the freehold store to a residential property developer. The sale is expected to complete in 12 months time. 

The property has been sold for a cash consideration of £57 million, of which £30 million will be received in the current financial year. The remaining £27 million will be received on completion. The transaction will result in an exceptional gain of circa £38 million which will be recorded in the FY16 financial year.

Having previously announced that it is to close 25% of Homebase stores, or around 80 stores, by the end of 2018, Home Retail Group said it expects to shut around 25 stores in the current financial year. The closures are not expected to have a material impact on benchmark pre-tax profit in either the FY15 or FY16 financial years, partly because they include two profitable stores that Homebase was unable to renew on lease expiry, which are not part of the previously announced store exit programme. 

The store closures will cut sales by about 2% in the current year and by about 3% in the next financial year.

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