Homebase drags on Bunnings firm

The Australian owner of struggling DIY chain Homebasehasrevealed woes at its UK business left half-year profits crashing 87 per cent.

Bunnings group Wesfarmers, which bought Homebase in 2016, confirmed a hit of A$931 million (£524m) on its UK and Ireland arm as it saw losses more than treble in the division. It is rebranding Homebase as Bunnings.