B&Q has secured a deal to purchase five Homebase stores across the UK, further cementing its status as the country’s top home improvement retailer after its rival fell into administration last year.
The £2.5million agreement will see the stores rebranded as B&Q outlets by the end of the year.
Homebase was forced to call in administrators in November, blaming its significant losses on reduced consumer confidence and spending post-pandemic as well as the cost of living crisis.
It subsequently negotiated a deal with retail group CDS for the sale of up to 70 stores, thereby saving around 1,600 jobs.
CDS, owner of The Range outlets, also bought parts of high street retailer Wilko after its collapse in 2023. However, this left the future of 49 UK stores uncertain as administrators looked for a buyer, reports The Mirror.
B&Q, which boasts over 300 stores in the UK and Ireland and is owned by Kingfisher, will take over five of these sites, subject to landlord approvals.
The stores are located in Altrincham, Greater Manchester; Basingstoke, Hampshire; Biggleswade, Bedfordshire; Leamington Spa, Warwickshire; and Worcester, Worcestershire.
B&Q expects the stores to be converted to its own brand by spring, with refurbishments completed by the end of the year.
Once the leases have been exchanged, staff at these sites will become B&Q employees.
Graham Bell, the CEO of the home improvement giant, confirmed the expansion and said: “We’re determined to give home improvers the choice and convenience they deserve, and to transform the home improvement stores in these locations to fulfil that need.”
Bell added: “We look forward to swiftly concluding these purchases and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family.”
