‘Del Boy billionaire’ rescues Homebase from collapse

Mike Ashley has bought Homebase in a move that will secure the future of the DIY chain

The deal comes after the collapse of Homebase's parent company, Hilco, which had been struggling with debts of £1 billion

Mike Ashley, the billionaire owner of Sports Direct, has bought struggling DIY chain Homebase in a deal that will save the business from collapse.

Ashley, who is known for his no-nonsense approach, is expected to bring his trademark style to Homebase as he looks to turn around its fortunes.

The deal comes after the collapse of Homebase's parent company, Hilco, which had been struggling with debts of £1 billion.

Homebase has been hit by a number of challenges in recent years, including the rise of online shopping and the expansion of discount chains such as B&Q.

Ashley is expected to use his experience in the retail industry to help Homebase compete with these challenges.

He has a track record of success in turning around struggling businesses.

In 2018, he bought House of Fraser out of administration, and he has also recently rescued Sofa.com.

Ashley is expected to invest heavily in Homebase, with plans to open new stores and refurbish existing ones.

He is also likely to cut costs, and there are concerns that this could lead to job losses.

However, Ashley's plans for Homebase are still unclear, and it is not yet known how he will try to turn the business around.

The deal is good news for Homebase's 6,000 employees, who had been facing an uncertain future.

It is also good news for customers, who will continue to have access to Homebase's range of products and services.