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A retail tycoon branded the ‘Del Boy billionaire’ has rescued dozens of Homebase stores as the DIY retailer prepares to go into administration.
Homebase has engaged consultants to find a new buyer, putting over 100 stores and thousands of jobs across the UK at risk, according to The Times.
The DIY and garden chain, which employs around 3,600 staff across 130 locations, has been a staple since its first branch opened in 1979.
Now, Chris Dawson, owner of The Range homeware stores, has bought 70 Homebase outlets as part of an administration deal.
This acquisition secures 1,600 jobs, though around 1,000 frontline and office roles remain uncertain if a buyer isn’t found for the remaining sites.
Mr Dawson is also said to be negotiating a purchase of the Homebase brand and website, in a deal estimated at £30 million.
Sainsbury’s bought ten shops from the troubled retailer in August, planning to convert them into large supermarkets. The grocery giant first created the Homebase brand in the 1970s, before selling it off in 2006.
Homebase owners Hilco Capital brought in consultants after the company reported a loss of £84.2 million in the year to 1 January 2023.
Managing director Damian McGloughlin wrote to suppliers in August saying the business was “behind where we planned to be” and that an “active sale process” to seek new investment was underway.
It is understood that talks have now taken place with Kingfisher and popular bargain retailer B&M, neither resulting in a deal.
Hilco acquired the company in 2018 for £1 after a disastrous 18-month tenure under Australian conglomerate Wesfarmers.
After sacking the senior management team and making a raft of unpopular changes in-store, the multi-national company made an estimated net loss of £1bn in just a year and a half.
If no deal is struck from ongoing negotiations, the loss of Homebase would mark a fresh blow for the struggling British high street. The past few years have seen the closures of The Body Shop, Wilko, Carpetright and Paperchase, as reports show that an average of 38 stores are closing a day in 2024.
Homebase CEO Damian McGloughlin said:“It has been an incredibly challenging three years for the home and garden improvement market.
“Against this backdrop, we have taken many and wide-ranging actions to improve trading performance including restructuring the business and seeking fresh investment.
“These efforts have not been successful and today we have made the difficult decision to appoint Administrators.”