DIY retailer Homebase could be heading for administration in a partial collapse as there are reports the chain has appointed insolvency experts.
The insolvency experts have a potential buyer for several of their 130 stores.
Homebase has appointed the Teneo consultancy which could then see the DIY retailer placed into administration.
Retail magnate Chris Dawson is reportedly planning a rescue deal which could see up to 70 Homebase stores bought.
Sky News reported, should the buyout deal happen by Dawson who owns The Range homeware outlets, then this could save 1,500 jobs, but 1,700 other jobs are at risk.
Last year Homebase made losses of £84.2 million and the DIY retailer has struggled as the cost of living crises has seen customers cut back on their spending.
Dawson is in talks to buy Homebase 40-year-old brand and the website in a deal that could cost £30 million.
Dawson bought parts of the high street retail Wilko after the company collapsed last year.W
Dawson told the Telegraph, “We are delighted to be able to save so many stores and jobs, and look forward to adding the Homebase brand and subsidiaries to the expanding Range group of companies.”
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