Aussies looking to sell Homebase after botched makeover
THE Australian owner of Homebase has hung a ‘for sale’ sign over the DIY chain after botching its £340m takeover.
Wesfarmers has brought in investment bankers from Lazard to review options as it prepares to retreat from the British business it bought in 2016, which operates about 250 stores and employs 12,000 people.
It had planned to completely rebrand Homebase as Bunnings – its popular Australian chain – and has already opened 15 of them. But British shoppers have compared their layout to ‘a jumble sale’, which has seen Wesfarmers’ losses tripling to almost £100m in the six months to December 31.
Wesfarmers said in February that it was considering closing up to 40 stores.