Homebase could shut more than 100 stores as owner prepares to sell-up

The home DIY retailer could lose its portfolio of 130 stores as its owner prepares to sell the company in a crushing blow to the high street.

Homebase is expected to appoint administrators from Teneo to handle the process, which could see both stores and jobs in danger of being axed for good, according to The Times.

However, there is some hope in saving the iconic brand as Sky News reports that The Range is considering purchasing a portion of the stores.

The Range could buy up to 75 Homebase branches as part of a deal to help the troubled retailer sell its assets before appointing administrators.

While unconfirmed, this move could potentially save around 1,500 jobs. However, it still leaves 58 stores at risk of permanent closure.

Once the formal administration process begins, administrators will seek buyers for the remaining Homebase stores.

It follows reports that Hilco Capital, which purchased Homebase from Wesfarmers in 2018 for £1, is preparing to sell the company after being approached by The Range.

Other previously expressed interest in Homebase retailers include B&M, the London-listed discount retailer. Sainsbury’s also recently announced its acquisition of 10 Homebase sites with plans to transform them into supermarkets for a cool £130million. 

Stores earmarked for transformation include Sutton Coldfield, Bromsgrove, Cromer, Derry/Londonderry, Fareham, Inverurie, Lowestoft, Newark, Omagh, and Rugby.

The first of these new stores is expected to open by next summer, marking a significant expansion for the supermarket chain.

More to follow…