Friday 31 August 2018 2:15 pm

Creditors approve plan to close 42 Homebase stores


Retail and leisure reporter

Retail and leisure reporter

Creditors have thrown DIY store Homebase a lifeline and approved the closure of 42 stores and rent cuts on several others.

At a meeting held today in London, creditors passed the proposals with 95.9 per cent voting in favour.

Damian McGloughlin, chief executive of Homebase, said: “We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA. We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.


“We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.”

The approval of the CVA means new owners Hilco Capital will pump £25m of capital and £116m of debt into the business as it embarks on a three-year turnaround plan.

In addition to store closures, another 70 sites will be subject to rent cuts of as much as 90 per cent.

The full list of Homebase closures

1. Aberdeen Bridge of Don

2. Aberdeen Portlethen

3. Aylesbury

4. Bedford St Johns


5. Bradford

6. Brentford

7. Bristol

8. Canterbury

9. Cardiff Newport Road

10. Croydon Purley Way

11. Droitwich

12. Dublin Fonthill

13. Dublin Naas Road

14. Dundee

15. East Kilbride

16. Exeter

17. Gateshead

18. Grantham

19. Greenock

20. Hawick

21. Inverness

22. Ipswich

23. Limerick

24. London Merton

25. London New Southgate

26. London Wimbledon

27. Macclesfield

28. Oxford Botley Road

29. Peterborough

30. Pollokshaws

31. Poole Tower Park

32. Robroyston

33. Salisbury

34. Seven Kings

35. Solihull

36. Southampton Hedge End

37. Southend

38. Stirling

39. Swindon Drakes Way

40. Swindon Orbital

41. Warrington

42. Whitby

 

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