Pubs boss plans £300m Homebase bid

HOSPITALITY entrepreneur Hugh Osmond is weighing a bid to buy Homebase after the DIY chain enjoyed strong lockdown sales.

It is understood Osmond, who built up Pizza Express and pub group Punch Taverns, is one of a number of potential buyers. A City source said the price tag is between £200 million to £300 million.

He added: ‘It’s a remarkable turnaround story, but how much of that is due to a Covid lockdown boost to sales i s uncertain.’ Homebase was rescued by Hilco Capital in 2018 for a nominal £1. It faces increased competition as non- essential retailers reopen from tomorrow.

Osmond, who is worth £ 232 million, would buy Homebase through his Osmond Capital investment firm, Sky News said. It is understood no formal bid has been submitted in an auction run by investment bank Lazard.

Most of its remaining 164 stores returned to profit last year. Hilco and Osmond declined to comment last night.