Homebase Sold in Rescue Deal, Jobs Secured

Homebase has entered administration, leading to the sale of the DIY retailer to CDS, which owns The Range, securing up to 1,600 jobs and 70 stores. Despite this rescue deal, the future of approximately 2,000 employees and 49 remaining stores remains uncertain as they continue to seek buyers. Homebase's CEO, Damian McGloughlin, attributed the company's struggles to declining consumer confidence and spending, intensified by the pandemic's aftermath. Teneo, the consultancy managing the administration, confirmed that the remaining stores will operate normally while efforts to sell them are ongoing. This deal represents the end of a challenging six-year ownership by Hilco, which failed to find a buyer for the entire business. The pre-pack sale highlights the ongoing difficulties in the retail sector, exacerbated by rising inflation and tax burdens.