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UPDATE: Turnaround investors pursue Homebase

Published: 4 August 2014
It has been reported that rival turnaround investors have begun working on acquisition plans following heightened speculation Home Retail Group is to sell Homebase.
UPDATE: Turnaround investors pursue Homebase
The Telegraph has reported that Apollo, the Wall Street investment house, and OpCapita, the firm that led the takeover of Comet, have begun drawing up takeover plans for the home enhancement chain.

This interest has been increased by rumours that HRG, the parent company of Homebase, is looking to sell the retailer so it can concentrate on bolstering stronger chain Argos.

Homebase has 322 stores across the UK and annual sales of £1.5bn. In April, the company posted a like-for-like sales increase of 5.9% for the year.

Chief executive of HRG, John Walden, announced earlier in the year that he would be conducting a full-scale review of the group going forward.

Mr Walden is yet to reveal the outcome of this review, but according to the Mail on Sunday a final decision will be made in the coming weeks. understands that at present no advisors have been appointed to oversee any process.

Home Retail Group have declined to comment on market speculation.


04 August 2014 01:02:00
By base worker
No surprise, another Homebase store closing this time it's the St Austell store in the West Country,this is the 3rd 2 or 3 more to go yet in this area alone, what a shame for the hard working teams, when will they start the cull at head office, that would save millions
04 August 2014 01:01:00
By H.O' Mebase
OpCapita will be rubbing their hands together at the thought of another opportunity to line their pockets this time by asset stripping Homebase. I'm sure their PR will be much improved since the Comet fiasco?!
HB got out of jail once before when ARG (later HRG) rescued them from Venture Capitalists by paying a ridiculous price 10 years ago. What a poor investment that has been. Already devalued on the books to 500m they might be lucky to get any money at all for the chain. If a dowry is given to get rid then all bets are off as far as long term survival goes. The lack of investment in older stores,the race to sell stores off e.g. to the range or when leases are up and the lack of profitability over many years are all indicating the beginning of the end.

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