UK DIY News
Homebase Close To Appointing Administrators
According to Sky News, Homebase is to be placed into administration later today.
It is understood that The Range has agreed a pre-packaged sale of approximately 75 stores - including those in Ireland - along with the brand and the online business. Around 1,500 jobs will be saved by the deal but it is unclear what will happen regarding the remaining 1,700 roles and c. 50 stores.
The Times reports that corporate advisory firm Teneo is to handle the insolvency process. In August this year, Homebase MD Damian McGloughlin, wrote to suppliers to advise the business was “behind where we planned to be” and would begin an “active sale process” to seek new investment.
The publication also states that concerns over trading saw Wells Fargo refuse to extend a lending facility of up to £95 million that was due to end in December.
Teneo, which has been running a sale process in recent months, is expected to seek buyers for nearly 50 remaining Homebase stores once it is appointed as administrator.
We will add more to the story as news comes in.
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