DIYWEEK.net

 

Over 300 jobs axed at Homebase after Bunnings departure

Published: 29 June 2018 - Kiran Grewal
 

Homebase has announced it is cutting 303 jobs at its Milton Keynes head office after Bunnings parent Wesfarmers agreed to divest the Homebase business to Hilco Capital for just £1 in May, as it said the “risks associated with a turnaround don’t justify the additional investment and management required”.

Wesfarmers had intended to spend £500m on renovation and conversion of the Homebase stores to the successful Australian Bunnings brand, however the struggling UK market meant Bunnings struggled with footfall and consumer spending against other rivals in the industry. The company was expected to make a loss of nearly £100m in the first half of this year.

The job cuts are reportedly due to the withdrawal of the Bunnings brand from the UK, and in an effort to return the current Bunnings stores back into the Homebase brand, the support centre has been dramatically reduced in size. Homebase has 250 UK stores and employs about 12,000 people.

The chief executive of Homebase, Damian McGloughlin said: “We have not taken this decision lightly but decisive action is required to start rebuilding Homebase’s position in the UK market. We will be providing as much support as we can to help those affected through this difficult time.”

 

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?

Have you seen a pre-Christmas pick up?


With Black Friday and Cyber Monday behind us, have sales picked up in your retail business ahead of Christmas?


Latest reader comments

re: Drews The Ironmongers to close after 87 years

Dave Percy
A Huge Huge loss to Reading, this store has always delivered on every level , the staff are amazing freindly knowligable and it was so nice ...

re: B&Q UK sales slide, as Kingfisher exits Russian and Iberian markets

BQ bob
How long will lowrys disastrous rule of kingfisher be allowed to continue she has overseen the destruction of Britain's best DIY store, one ...

re: Wyevale agrees sale of five garden centres

Kerry Megan Robinson
What will happen to the Cafe located in the Parley Wyevale Garden Centre when In-Excess take over?...

re: Digital is a powerful selling tool, says Toolbank

Toolking Tools
Toolbank is the very company that resists online development of resellers by not supplying to those that dont have a trade counter, so this ...

re: Kingfisher confirms sale and leaseback of B&Q stores

Abdul
I wonder how long the vision of the VL will continue to pull the group to the very bottom? How many days will it go before someone thinks ...

Most read stories

https://www.diyweek.net/over-300-jobs-axed-at-homebase-after-bunnings-departure