Homebase introduces second concession partnership
Published: 3 January 2019 - Kiran Grewal
Homebase, one of the UK’s leading home improvement and garden retailers, has signed a concession partnership with UK bed brand, Silentnight.
The partnership marks the first step in Homebase’s return into beds and mattresses, and will see several concessions rolling out over the next six months, starting with Homebase Haringey next month. Homebase will also stock Silentnight’s range online from February and customers will be able to order beds and mattresses for home delivery either online or in any Homebase store.
CEO of Homebase, Damian McGloughlin said: “Our partnership with Silentnight marks another exciting step for Homebase as we continue to deliver our turnaround plan.
“Silentnight is the perfect partner to work with to re-enter the beds and mattresses market, giving our customers access to a new range of products from a popular brand. We look forward to the first concessions opening in early 2019 and the launch of Silentnight on our website”.
Chief financial officer of Silentnight, Paul McKoen said: “Silentnight are delighted to be partnering with Homebase and we will provide Homebase customers with great service, quality products and value for money in store and online.
“We are excited about the potential of our partnership and look forward to working together which will ultimately lead to Homebase customers getting a better night’s sleep”.
Homebase announced a concession partnership with flooring specialists Tapi in December. The first Tapi concession opened in Homebase Orpington this week, which also has a new Decorating Hub and showroom - offering kitchens and bathrooms and fitted bedrooms.
The turnaround plan for Homebase comes into place after a £95 million cash injection from Wells Fargo Capital Finance helped to secure the future of the business. Of the refinancing, Mr McGloughlin said: “We are really pleased to have secured lending facilities from Wells Fargo as Homebase achieves another milestone in delivering its turnaround plan.
“We look forward to working closely with Wells Fargo, who have provided a bespoke facility that supports the working capital requirements of the business.”