Aug 31, 2018

Homebase future in doubt as creditors meet

DIY retailer Homebase faces a make-or-break vote on its future on Friday as it teeters on the brink of collapse. The private equity firm, which bought Homebase for £1 in June, wants to revive the DIY chain under a three-year turnaround plan. Hilco has also promised to pump £25m of capital and up to £116m of debt into the business - but only if creditors back the CVA. Alvarez and Marsal, the consultants managing the CVA process, say the rescue plan would be a "Lifeline" for Homebase and benefit its landlords. Wesfarfmers bought Homebase for £340m in 2016 but sold it on this year, booking a $1bn loss. Homebase, which has about 250 stores and 11,500 staff, now plans to bring back popular brands and concessions such as Laura Ashley and Habitat.

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