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Homebase owner could close 60 shops

The new owner of the Homebase DIY chain is preparing to announce a plan to close around a quarter of its stores, according to a report by Sky News.

HOME & DIY

Homebase owner could close 60 shops

The new owner of the Homebase DIY chain is preparing to announce a plan to close around a quarter of its stores, according to a report by Sky News.

The move could impact more than 1,000 jobs.

In the report Sky News says that Hilco Capital is expected to unveil proposals for a Company Voluntary Arrangement that will include plans for the closure of around 60 of Homebase’s 249 shops. It is thought that the proposals will be launched by professional services company Alvarez & Marsal early next week.

Hilco Capital acquired Homebase from the Australian Wesfarmers group for a nominal sum in May.

After buying Homebase in 2016 for £340 million, Wesfarmers sold the business to Hilco after problems arising from poor execution post-acquisition were compounded by a deterioration in the UK retail sector.

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