Homebase bought by Aussie retail giant

19 January 2016 - Janet Bird

Homebase bought by Aussie retail giant

The Homebase brand is to disappear after the UK DIY chain was bought by Australian retail giant Wesfarmers for £340 million.

Homebase, which was founded in 1979 and currently has 265 stores employing 18,000 people in the UK, will be rebranded as part of the deal between Wesfarmers and its current owners, Home Retail Group.

Wesfarmers already owns Bunnings - one of Australia's biggest suppliers of DIY and outdoor living products - and intends renaming the Homebase stores under the Bunnings banner.

The rebrand is anticipated to take place over the next three to five years and Wesfarmers have also pledged to spend £500m to upgrade the UK Homebase stores.

Homebase is second in size only to B&Q in the home improvement and garden retail sector in the UK and Ireland, which is estimated to be worth £38 billion.

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