28th Nov 2024 13:50
(Alliance News) - Marks & Spencer Group PLC and Kingfisher PLC are among the retailers eying possible takeovers of stores previously operated by Homebase, Sky News reported on Thursday.
High street retailer M&S and B&Q owner Kingfisher are said to be preparing offers for between 20 and 25 sites previously owned by DIY and garden retailer HHGL Ltd, trading under the Homebase brand, which fell into administration earlier this month.
Homebase's collapse came about amid reports that bank Wells Fargo & Co had declined an extension to Homebase's lending facility, due to concerns about its finances. The retailer had been waiting for around GBP5 million to be remitted back to it in tax rebates.
Homebase was bought out by retail group and The Range owner CDS Superstores International Ltd shortly afterwards, in a deal that secured 1,600 jobs and 70 stores.
However, the future of Homebase's remaining 2,000 employees and 49 shops still remains up in the air.
Homebase's deadline for offers on its remaining store estate approaches on Friday.
Homeware retailer TJ Morris Ltd, which trades under the Home Bargains brand, is also reportedly in the mix to acquire a small number of sites.
Sky News said both M&S and Kingfisher declined to comment.
Shares in Marks & Spencer were up 0.1% at 384.70 pence each in London on Thursday afternoon, while Kingfisher shares were up 1.4% at 252.20p each.
By Emily Parsons, Alliance News reporter
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