The Range Closes in on Chunk of Homebase in Pre-Pack Sale

The administrators of Homebase have agreed to sell 24 stores as part of a pre-pack administration deal to rival homewares retailer The Range.

The deal will save over 500 jobs, with closures likely at other stores.

The Range is expected to pay about £10 million for the 24 stores, which will remain open.

The deal was agreed with Hilco Capital, which bought Homebase in 2018 for £1, after the DIY chain was put into administration in 2018 with the loss of 1,500 jobs.

Hilco had planned to close 42 of Homebase’s 163 stores; the deal with The Range will reduce the number of closures.

Hilco has also sold 13 Homebase stores to Bellway Homes for redevelopment, and three to Wren Kitchens.

Hilco retained 41 stores and will continue to trade under the Homebase brand, although significant redundancies are likely.

The Range, founded in 1989 and owned by Chris Dawson, has 190 stores across the UK and Ireland.

The pre-pack administration deal means that Homebase’s creditors will not be paid in full.

The deal is subject to approval by the Competition and Markets Authority (CMA).