29 May 2024, 16:54
By Furniture News Mar 01, 2016

HRG confirms sale of Homebase to Australian conglomerate

Further to Home Retail Group's announcement last month that it had commenced and progressed discussions for the sale of Homebase to Australian conglomerate Wesfarmers, the company has now confirmed that all conditions relating to the sale of Homebase have been satisfied, and the disposal was duly completed on 27th February 2016.

Initially submitted in December, the deal valued the 265-store improvement business at £340m. Wesfarmers has said it will spend a further £242m to build the Homebase business, under its own DIY brand, Bunnings. The deal is subject to shareholder approval.

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