Homebase bags £57m from sale of Battersea store
Published: 25 November 2014
Homebase owner Home Retail Group is selling its freehold store in Battersea, London for £57m and is poised to kick off its large-scale programme of store closures.
The sale of the Battersea outlet, which is expected to complete in 12 months' time, is to a residential property developer and Homebase will vacate the property shortly after the completion date.
£30m from the sale will be received in the current financial year, ending February 28 2015, with the remaining £27m going into the 2016 accounts.
Homebase will also be closing some 25 stores in the next three months as part of its
plan to ditch a quarter of its estate - around 80 stores - over the next three years.