26th May, 2019

Solihull Homebase set to close

Sarah Mason 14th Aug, 2018

HOMEBASE in Shirley has been included in the 42 stores named across the UK which will close.

The DIY chain is closing the stores via a Company Voluntary Agreement (CVA), a procedure used by struggling firms to shut under-performing shops.

Damian McGloughlin, CEO of Homebase, said: “Launching a CVA has been a difficult decision and one that we have not taken lightly.

“Homebase has been one of the most recognisable retail brands for almost 40 years, but the reality is we need to continue to take decisive action to address the under-performance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs.”

The firm said it expects there to be job losses of up to 1,500 nationally but it would try to redeploy affected staff where possible.

It is anticipated that 42 stores will close during late 2018 and early 2019.

All stores will remain open for business as usual and this process will have no impact on customer purchases, outstanding orders or any product or service guarantees.

Hilco Capital, which struck a deal to buy the DIY chain in May, has been working on the CVA since buying Homebase from Wesfarmers, the Australian group.

The creditors will vote on the CVA on August 31.

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