Home Business News DIY chain Homebase is up for sale

DIY chain Homebase is up for sale

by LLB Reporter
11th Nov 20 2:55 pm

Following a major overhaul to revive their fortunes, Homebase is being put up for sale yet again and are looking to secure a deal.

The groups owners, Hilco bought the DIY chain for a nominal price of just £1 after a bad spell under the ownership of the Wesfarmers who are an Australian group.

In 2016 Wesfarmers bought the DIY and garden centre for £340m, but they failed in their attempts to import their Bunnings home improvement brand into the UK.

In the coming days the sales process will start, with the initial details to be sent to prospective buyers and private equity.

It is hoped that the group can secure new ownership by Easter 2021, and the stock market listing is one option on the table.

Homebase now has 155 shops and 15 Bathstore outlets and the DIY chain employs over 6,000 staff. In 2019 the group had profit of £3.2m with underlying earnings against losses of £114.5m in 2018.

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