Hilco Brings in Ian Topping to Support Homebase

Hilco Capital, the owner of Homebase, has appointed Ian Topping to the position of non-executive chairman, in the hope that he will help deliver a turnaround for the beleaguered DIY chain. 

Topping was the former CEO of HMV - also owned by Hilco - and was responsible for taking the music retailer from the brink of collapse to a profitable position.  Prior to HMV, he was the CEO of UK Operations at Steinhoff.

CEO of Homebase and former B&Q director, Damian McGloughlin, said: “Ian’s experience and knowledge of the retail landscape will be an enormous asset as we continue to reinvigorate the Homebase proposition and return the company to profitability.”

Topping said: “Homebase has been a mainstay of UK and Ireland retail for over 40 years and I am very pleased to join as chairman.

“The challenges Homebase has faced in recent years have been well documented. However, it continues to have a unique market position and there is huge potential for the business to return to a position of strength.”

At the end of August, over 95% of Homebase creditors voted in favour of a proposed Company Voluntary Agreement, in a bid to save the company. The former owner, Australia's Wesfarmers, said that the investment in Homebase had been disappointing, and sold the business to investment company Hilco in June of this year.

In the last two weeks, Homebase has announced the closure of stores in Bath and Scunthorpe, neither of which were on the original list of stores earmarked for closure.  

Source : Insight DIY Team

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