Homebase has announced that the Company Voluntary Arrangement (CVA) proposal launched on 14 August 2018 has been approved with 95.92% of the company’s creditors voting in favour of the arrangement.

CEO of Homebase, Damian McGloughlin 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.”

Under the terms of the CVA proposal, 42 stores have been identified for closure during late 2018 and early 2019.