TWO major retailers are eyeing up buying dozens of Homebase stores after it fell into administration this month.
Marks and Spencer and the owner of B&Q, Kingfisher, have expressed an interest in taking on up to 25 shops.
Administrators have set a deadline of tomorrow for any suitors to buy from Homebase’s estate of 74 stores.
With 74 shops at risk of closure, that means even if M&S and Kingfisher’s deals go through, 49 branches could still shut.
It is not clear at this stage which up to 25 stores could be bought by M&S and Kingfisher.
Home Bargains is also in the mix to take on a small number of Homebase sites, Sky News reports.
Other retailers beyond Home Bargains, Kingfisher and M&S could step in before tomorrow’s deadline and snap up sites too.
If some of the 74 at risk stores are bought out by other retailers, they could stay as Homebase stores or may be rebranded.
Meanwhile, some of Homebase’s 2,000 members of staff could be saved from losing their jobs although there are no guarantees.
Previously, when retailers have fallen into administration and suitors have stepped in to buy stores, they have pledged to keep staff on.
Homebase tumbled into administration earlier this month with administrators Teneo setting a deadline of this Friday for any sites to be sold off to buyers.
The owners of Homebase appointed the consultancy firm, stating the DIY sector had been hit hard by an “incredibly challenging” time.
HERE'S the full list of Homebase sites that have been put on the market:
England:
Scotland:
Wales:
Northern Ireland:
Republic of Ireland:
If the stores, located across the UK and Ireland, aren’t snapped up, they could be at risk of closure.
A deal has already been struck with retail group CDS, which owns bargain chains The Range and Wilko.
This secured the jobs of 1,600 employees and 70 stores – all of which are set to be rebranded as The Range shops.
Chris Dawson, the owner of CDS, also bought Homebase‘s 40-year-old brand and its website as part of the deal.
Back in August, 10 Homebase stores were sold to Sainsbury’s.
But, the future of 2,000 other workers and its remaining stores was left hanging in the balance.
It comes after it was revealed that Homebase was waiting on around £5million of tax rebates before collapsing.
Altus Group, a company that helps with commercial real estate, said that over 50 complaints and appeals about the retailer’s property taxes were unresolved when the retailer went out of business.
The company was trying to lower the total taxable value of its stores by £5.7million after a 2023 revaluation of its yearly business rates bill.
Altus Group mentioned that if these issues had been sorted out before the retailer went under, it would have led to tax refunds of about £5million for the 2023/24 and 2024/25 financial years.
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