Round-up | NEWS
Homebase up for sale again
DIY chain Homebase has been put up for sale by owners Hilco Capital following a successful turnaround period for the brand. The move comes just over two years after the chain was bought by Hilco from Australian retail group Wesfarmers in May 2018 for just £1. The investment and advisory firm began its Homebase rescue plan by shutting down 43 stores in late 2018. The company then strategically expanded into bathrooms with the purchase of Bathstore in July 2019. Most recently, it introduced new initiatives like trialling a new high street kitchen and bathroom showroom and announcing plans to open its first new store in six years. It has been reported
that Hilco
Capital is looking to secure a new owner by Easter 2021, and if a new
owner is not found, stock market listings have been put as an option on the table. In a statement – sent directly to kbbreview – Homebase said: “Having built an excellent foundation, Homebase is moving out of its turnaround phase and entering into an exciting new chapter of growth. Now is the right time for us to be starting conversations with potential new owners to accelerate our plan.” Wesfarmers bought the chain from
Home Retail Group for £340 million in 2016. However, the chain was up for sale again in 2018 after a rocky takeover. The Homebase chain currently operates 155 stores nationwide and 16 standalone Bathstore outlets. In 2019 the company finally saw profits of £3.2m compared with the losses of £114m in 2018.
changeis a thing
Howdens to repay £22m in furlough money after profits rise
HOWDENS HAS said it intends to repay the Government and local councils £30 million for waived business rates and furlough payments after a strong trading period.
Between June 14 and October 31 (Period 7 to Period 11), total revenue increased by 12.3% and by 10.1% on the same-depot basis, on
Periods 7 to 11 in 2019. Gross margin was ahead of the first half of 2020, but lower than the same period in 2019. Howdens did see some disruption caused by the first lockdown (group revenue down 28.7% from £652.6 million in H1 2019 to £465m in H1 2020 and gross profit down by 31.8% to £276.1m). By June, however, all depots were open, and by Period 7, UK sales were 2.2% ahead of Period 7 sales in 2019. Howdens is set to repay £22m million n furlough payments by the end of 2020. Howdens has not made any claims for the Government’s Job Retention Scheme in the second half of the year and does not expect to make any further claims. The company is also confident that there will be no significant disruptions within the business as a result of Covid-19.
There will also be around £8m to be repaid to local councils from waived business rates. Any other deferred payments, taxes and pension deficit contributions will also be paid by the end of the year.
December 2020 · 11
It’s the end of an era. Kubus - our most popular sink range - is being replaced by the stunning new Mythos design. Sleek and minimalist, its round fl ush waste cover gives Mythos a smoother base and protects pots and glasses.
Also available as an undermount, the fl ushmount Mythos has a seamless 6mm rim to integrate perfectly with the work surface. Either way, it’s sure to add something wonderful to any kitchen.
Make it wonderful at
franke.co.uk
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