// Homebase seeks new owners for the business
// The retailer said there were “a large number of interested parties”
// Homebase aims to secure new ownership by Easter next year
Homebase has announced that it is searching for new owners as it enters the next stage of its transformation programme.
The home and DIY retailer’s chief executive Damian McGloughlin said he is looking for new owners to invest in the company in the next year to drive its next stage of growth.
McGloughlin said there were “a large number of interested parties” and Homebase aimed to secure new ownership by Easter next year.
READ MORE: Homebase launches UK’s first “green aisle”
“We have set a capex budget of around £20 million to support our investment in stores and our on line business,” Homebase said.
The retailer recently emerged from a major turnaround plan, which saw it deliver a £3.2 million return to profit compared with a loss of £114.5 million the previous year.
McGloughlin said that Homebase, which has been owned by Hilco since 2018, has delivered strong sales growth throughout the ongoing Covid-19 pandemic.
Homebase said it hopes to build on the more than 10,000 new product lines added in the last two years, introducing new and expanded ranges by working with brand partners.
It also plans to build on the £27 million investment already made in its stores to create new layouts and concepts.
Moreover it hopes to revamp its website ready for customers to use by Easter next year, after announcing its 10-year partnership with The Hut Group in September.
The retailer is also planning to open 15 new stores in the next few years, as well as building on its trial of smaller concepts Decorate by Homebase and the Bathstore and Kitchens by Homebase showroom.
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