Acquisition of DIY chain ‘an unbelievable disaster’ for Australian group Wesfarmers
Homebase has been sold to the restructuring specialist Hilco, the owner of HMV, for £1 as the DIY chain’s Australian owner pulls the plug on its disastrous venture into the UK, putting thousands of jobs at risk.
Wesfarmers, which bought the business for £340m two years ago, said it was offloading the entire 250-store Homebase chain, which has a workforce of just over 11,000.
Hilco’s UK division, set up in 2000, has been involved in a long list of retail restructures from HMV and BHS to Woolworths.
Related: ‘Homebase is the most disastrous retail acquisition in the UK ever’
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