November 28th 2024.
The DIY and garden company is well established with 145 branches throughout the UK and Ireland. However, recent news of the company going into administration has caught the attention of potential buyers. Among them are two well-known companies, Marks & Spencer and B&Q, who are both considering purchasing some of Homebase's stores.
It has been reported that M&S and Kingfisher, the owner of B&Q, are the top two competitors looking to acquire around 20-25 Homebase stores each. The deadline for offers is set for this Friday, and the deal could potentially save up to 2,000 jobs. Other interested parties include the privately owned homewares retailer, Home Bargains, who are looking to acquire a small number of Homebase sites.
Hilco Capital, who acquired Homebase for £1 in 2018, has been struggling to keep the business afloat for years. The company, which previously had 250 stores and over 11,500 staff, has faced losses due to a decrease in customer spending during the cost of living crisis. The Range, founded by Chris Dawson, has also stepped in to help by taking on around 1,600 Homebase employees.
A full list of the Homebase stores up for sale has been released, with 74 locations nationwide being closed earlier this month. This has sparked interest from potential buyers, and the remaining branches have a deadline of November 26 to find new owners. However, despite the positive news for some stores, there are still around 2,000 jobs at risk.
The current economic climate, including years of austerity, a global pandemic, and a cost of living crisis, has not been kind to high-street retailers. In fact, in 2013, one columnist for The Agency questioned whether the death of the high street was inevitable. According to the Centre for Retail Research, 25 businesses have already failed this year, resulting in 760 store closures and nearly 15,400 employees being affected. The Post Office has also recently announced the potential closure of 115 branches, joining other retailers such as WHSmith, Wetherspoons, and Marks and Spencer in closing stores.
Despite the challenges facing the retail industry, The Range owner Chris Dawson, also known as the "Del Boy Billionaire," remains optimistic. In an interview with The Telegraph, he expressed his delight in being able to save numerous stores and jobs, as well as adding the Homebase brand and subsidiaries to his expanding group of companies. As the situation continues to develop, we can only hope for the best for all parties involved.
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