Homebase, the troubled DIY and garden chain, was waiting on around £5 million to be remitted back in tax rebates before it collapsed into administration it can be revealed.
According to the commercial real estate adviser Altus Group, who represented the chain, said more than 50 Checks, Challenges and Appeals against the retailer’s business rates liabilities remained outstanding at the time of its collapse.
It is understood reductions seeking to reduce the overall rateable value of the retailer’s store portfolio by £5.7 million were sought after the 2023 revaluation against its annual business rates bill of £34.6 million.
Altus Group say that had these been dealt with timely, before the retailer’s collapse, it would have resulted in tax rebates of around £5 million for the 2023/24 and 2024/25 financial years easing financial concerns.
The collapse came after Wells Fargo declined to extend Homebase’s lending facility.
Alex Probyn, President of Property Tax at Altus Group, said “the appeal process is just far too slow and ultimately damaging to cash flow” adding “with business now facing the biggest tax increases in three decades, the 2023 tax base must be corrected quickly to ensure that ratepayers not only receive their rebates timely but also have the confidence that their bills have been set fairly”
Government data shows 27,460 Check, Challenges and Appeals against business rates assessments following the 2023 revaluation were outstanding at the end of September 2024.
Administrators have now placed 74 leasehold Homebase stores on the market after the owner of The Range and Wilko acquired up to 70 Homebase properties in a pre-pack deal securing around 1,600 jobs.
Administrators are now seeking unconditional premium offers in respect of individual sites, with multi-site or portfolio offers considered with potential buyers having been given until 29th November 2024 to submit an offer on the stores which range in size between 15,455 sq ft and 1.19m sq ft.
Locations of the properties placed on the market:
- Abingdon, Oxfordshire
- Alnwick, Northumberland
- Altrincham Retail Park, Manchester
- Junction One Retail Park, Antrim, Northern Ireland
- Barnstaple, Devon
- Basildon, Essex
- Basingstoke, Hampshire
- Shane Park, Belfast
- Berwick upon Tweed, Northumberland
- Biggleswade, Bedfordshire
- Battery Retail Park, Birmingham
- Bishop Auckland, County Durham
- Bracknell, Berkshire
- Enterprise Five Retail Park, Bradford
- Branksome, Poole
- Bridgend Retail Park, Bridgend, Wales
- Broadstairs, Kent
- Bury St. Edmunds, Suffolk
- The Orbital Retail Centre, Cannock, Staffordshire
- Horsted Retail Park, Chatham, Kent
- Cheltenham
- Greyhound Retail Park, Chester
- Discovery Park, Chichester
- Colchester Stanway, Colchester
- Gallagher Retail Park, Coventry
- Rushmore Retail Park, Craigavon
- Daventry, Northamptonshire
- Wyvern Retail Park, Derby
- Dumfries, Scotland
- Halbeath Retail Park, Dunfermline, Scotland
- Farnham Retail Park, Farnham
- Folkestone, Kent
- Drumkeen Complex, Belfast
- Retail World, Gateshead
- Gloucester
- Hamilton, Scotland
- Hanworth, Feltham, London
- Harlow, Essex
- Eddington Business Park, Herne Bay, Kent
- Tyne Valley Retail Park, Hexham
- Heath Retail Park, Honiton
- Hove, Brighton & Hove
- Hull
- Leamington Spa
- Ledbury, Herefordshire
- Moor Allerton Centre, Leeds
- Letterkenny, Republic of Ireland
- Lewes, East Sussex
- London Catford
- London Streatham Vale
- Luton
- South Aylesford Retail Park, Maidstone
- Milton Keynes
- Navan Retail Park, Republic of Ireland
- Newcastle under Lyme (Stoke)
- Norwich Hall Road
- Norwich Sprowston
- Madford Retail Park, Nottingham
- Oban, Scotland
- Oldbury, West Midlands
- Wyndham Retail Park, Portishead
- Romford, Essex
- Saffron Walden, Essex
- Sleaford, Lincolnshire
- St Albans
- Sudbury, Suffolk
- Wrekin Retail Park, Telford
- Truro, Cornwall
- Tunbridge Wells
- Upton, Wirral
- Waltham Cross, Hertfordshire
- Waterford, Republic of Ireland
- Wolverhampton
- Worcester
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