Wesfarmers Completes Sale of Homebase Three Weeks Early

In a short and final press release on their website, the Australian conglomerate who are responsible for maybe irreparably damaging the Homebase business in the UK, have confirmed that the sale has now gone through.

The Wesfarmers release titled 'Completion of divestment of Homebase' said the following:-

"Wesfarmers today announced the completion of the divestment of the Homebase business in the United Kingdom and Ireland to a company associated with Hilco Capital.

The agreement to divest Homebase was announced on 25 May 2018 with expected completion by 30 June 2018. Wesfarmers expects to record a loss on disposal of £200 million to £230 million in the Group’s 2018 full-year financial results, subject to finalisation of completion accounts and review by Ernst & Young".

News regarding as many as 60 Homebase store closures is expected imminently.

Read - Wesfarmers abandons Homebase to Hilco for £1.

The sale of the business after only two years and four months of Aussie ownership, will go down as one of the most disastrous acquisitions in UK retail history.

Read - An open letter regarding Homebase to the board of Hilco Capital.

Source: Insight DIY Team

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