Homebase has been sold to the restructuring specialist Hilco, the owner of HMV, for £1 as the DIY chain’s Australian owner pulls the plug on its disastrous venture into the UK, putting thousands of jobs at risk. All 24 of the stores it rebranded to Bunnings will become Homebase again once the deal completes at the end of June. The company advises on valuations and helps clear stock or close stores but also invests in businesses. Sarah ButlerIndustry insiders said Hilco, which has been involved in dozens of retail administrations in the UK, was likely to close up to 60 stores via a company voluntary arrangement insolvency process. Richard Lim, the chief executive of analysis firm Retail Economics, said: “The acquisition of Homebase has been an unbelievable disaster for Wesfarmers.

Source: The Guardian May 25, 2018 01:58 UTC