Homebase to axe support centre jobs after buyout. The home furnishings retailer entered a company voluntary arrangement CVA soon after Hilco acquired it, resulting in scores of store closures and more than 1, job losses.
Since then, it has been restored to profitability and has been one of the big retail winners from the COVID crisis.
One retail analyst said that Hilco and Homebase's management, led by chief executive Damian McGloughlin, had done an effective job turning the business around but that there remained a question mark over whether the coronavirus sales bounce was sustainable after the pandemic. Mr Osmond became a prominent figure in British business after taking control of PizzaExpress in with Luke Johnson, another businessman who went on to transform the fortunes of a series of high street dining chains.
He also made a significant impact on the UK insurance market, using a listed shell to snap up Pearl and Resolution and create what became Phoenix Group, Europe's biggest consolidator of life policies. If he does proceed with a takeover of Homebase, it would be implemented through Osmond Capital, the same corporate vehicle which holds his stake in the quoted restaurant business Various Eateries. Homebase is regarded as too small to be a target for Broadstone Acquisition Corp, the special purpose acquisition company that Mr Osmond listed in New York last year.
We're bringing back things like cushions and creating a friendlier, softer environment. A general view of the Homebase store in Orpington - one of six that will be refloored by Easter. Do they prefer it to Bunnings? Absolutely yes! And the customers have a greater affection for Homebase than I ever realised too,' McGloughlin says.
McGloughlin says suppliers have been supportive and are fully behind the company again. If all goes to plan, the improvements will be made across Homebase's store estate. The company is working on getting back online too and, much later down the line, may even think about opening some new stores. Some smaller stores could be very useful in the future,' he says. But first things first, McGloughlin has the 'audacious goal' of getting Homebase back in the black by the end of We are still broken as a business and there's still lots of rebuilding to do,' he says.
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Property drought keeps pushing up house prices - as three quarters of agents say EPC ratings have 'little or no' impact on how much homes are worth Previous. Low cost portfolios. Share or comment on this article: How the new boss of Homebase walked into a DIY disaster and plans to rebuild the 'broken' chain e-mail Toggle Search. Petrol has now risen above p a litre and diesel is AstraZeneca to start making profit from Covid vaccine it Net-a-Porter falls out of fashion: Owner Richemont to Price of new homes rise faster than building costs Electric truck maker becomes world's fifth most valuable The latter part of the decade saw our sale to Wesfarmers and the rebranding of some stores to Bunnings Warehouse.
Homebase is a truly resilient business, as shown in and onwards. The turnaround accelerated with over 50 stores upgraded to give our customers the best possible shopping experience. In early February , we announced our return to profit earlier than expected, largely down to the tenacity of our loyal team members, a sustainable store proposition plan and a redesigned website. You are already signed up to our email! Our History.
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