Homebase bought in rescue deal securing up to 1,600 jobs

Homebase store frontage
-Credit: (Image: PA Wire/PA Images)


Homebase has been sold to retail group CDS in a rescue deal securing up to 1,600 jobs and 70 stores but leaving the future of its remaining 2,000 workers and 49 shops unclear.

The DIY retailer appointed administrators at consultancy Teneo on Wednesday before CDS, which owns The Range homeware outlets, bought the majority of its stores out of administration.

Teneo said the remaining 49 UK stores will continue to trade as normal while administrators try to find a buyer. CDS, which is owned by retail magnate Chris Dawson, bought the 40-year-old Homebase brand.

Damian McGloughlin, chief executive of Homebase, said the last three years had been “incredibly challenging” for DIY stores, blaming “a decline in consumer confidence and spending” after the pandemic.

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He added: “Against this backdrop, we have taken many and wide-ranging actions to improve trading performance including restructuring the business and seeking fresh investment. These efforts have not been successful and today we have made the difficult decision to appoint administrators.”