Homebase bought by Australia’s Wesfarmers for £340m

Homebase

Homebase

The BBC recently reported that UK DIY chain Homebase has been sold by its owner Home Retail Group to Australian retail giant Wesfarmers for £340m (A$705m; $485.2m).

Wesfarmers already owns Bunnings – one of Australia’s largest suppliers of outdoor living and DIY products.

The 265 UK Homebase sites will be rebranded under the Bunnings banner over the next three to five years.

Wesfarmers said it would spend a further £500m on upgrading the UK stores.

The deal is expected to be wrapped up in the first three months of this year provided shareholders of Home Retail Group agree to the purchase.

Wesfarmers, which owns one of Australia’s biggest supermarket chains, Coles, has estimated that the UK’s home improvement and garden market is worth £38bn. The market leader is Kingfisher’s B&Q chain.

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