B&Q to convert five Homebase stores after £2.5m deal
The deal, worth £2.5 million, will see the stores converted to B&Q shops by the end of the year.
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Your support makes all the difference.B&Q has agreed to buy five Homebase stores across the UK, cementing its place as the country’s largest home improvement retailer after the rival collapsed into administration last year.
The deal, worth £2.5 million, will see the stores converted to B&Q shops by the end of the year.
Homebase was forced to call in administrators in November, blaming weaker consumer confidence and spending after the pandemic and the cost-of-living crisis for sharp losses.
It later struck a deal with retail group CDS for the sale of up to 70 stores, securing about 1,600 jobs.
CDS owns The Range outlets and also bought parts of high street retailer Wilko after it collapsed in 2023.
But it meant that the future of 49 UK stores remained hanging in the balance while administrators looked for a buyer.
B&Q, which has more than 300 stores in the UK and Ireland and is owned by Kingfisher, will take control of five of those sites as part of the deal, subject to approvals from landlords.
The stores are situated in Altrincham in Greater Manchester, Basingstoke in Hampshire, Biggleswade in Bedfordshire, Leamington Spa in Warwickshire, and Worcester in Worcestershire.
We look forward to swiftly concluding these purchases and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family
B&Q said it expects the stores to be converted to its own brand in the spring, with refurbishments completed by the end of the year.
Once the leases have been exchanged, staff across the sites will become employees of B&Q.
Chief executive Graham Bell said he was “delighted” to be expanding retailer’s network, adding to three stores in Ireland purchased for about £3.2 million at the end of last year.
He said: “We’re determined to give home improvers the choice and convenience they deserve, and to transform the home improvement stores in these locations to fulfil that need.
“We look forward to swiftly concluding these purchases and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family.”