Kingfisher and M&S eye remaining Homebase sites

Kingfisher and Marks and Spencer are reportedly eyeing more than 20 of Homebase’s stores after the DIY company fell into administration earlier this month.According to Sky News, the two companies are among several retailers circling the remaining Homebase estate ahead of a deadline for offers today (29 November).

The two companies are reportedly preparing offers for between 20 and 25 sites, which could result in “hundreds” of jobs being saved, Sky reported.

Sources told Sky that Home Bargains was also in the running to snap up a small number of Homebase sites.

About 70 of the DIY chain’s stores, along with its brand and e-commerce operation, were recently sold to the owner of The Range in a pre-pack deal.

It was first reported earlier this month that Homebase was lining up administrators from Teneo to handle a pre-pack deal with The Range that would save over 1,500 jobs.

London-based advisory firm Teneo was reportedly tasked with seeking buyers for the remaining 50 Homebase stores not included in the deal with The Range.

The pre-pack sale would bring an end to the six-year ownership of Homebase by Hilco, which previously rescued other retailers such as HMV. 

Prior to that, Homebase was owned by Australian group Wesfarmers, during which it lost hundreds of millions of pounds. 

While Homebase’s performance last year had shown an improvement, accounts filed at Companies House revealed that the DIY group lost more than £40m in 2022. 

Kingfisher declined to comment, and M&S has been contacted for comment.