May 23, 2018
Potential bidders emerge for Homebase
A number of turnround investors have emerged as potential bidders for struggling UK DIY chain Homebase, according to multiple people familiar with the process. The bids, which were first reported by Sky News, came after Wesfarmers blamed poor weather for a further slump in sales at Homebase last month. Homebase, which is being rebranded as Bunnings UK and Ireland for some stores, posted a 13.5 per cent drop in sales to £211m in the three months to the end of March, compared with the same period a year ago. A potential buyer would be likely to close some of the 250 or so Homebase stores but it is unclear how many or how many jobs would be lost, people following the process said. The potential sale of Homebase comes at a time when a number of UK high street retailers are struggling.
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