27 May 2018 - Janet Bird
Just two years after it was purchased by Australian retail giant Wesfarmers, struggling DIY chain Homebase has been sold for just £1.
The ailing retailer has been bought by restructuring specialists Hilco Capital, who also own music retailer HMV.
The future of Homebase's 11,000 plus workers is now in doubt, with store closures or disposals a likely next step for the new owners as they attempt to get the chain back on track.
Homebase was put on sale earlier this year, just two years after being bought by Wesfarmers for £340 million.
While the Australian company had intended to rebrand Homebase's UK stores to launch its Bunnings brand in the UK, the timing of its purchase of the chain coincided with a downturn in the economy.
Only 24 stores were ever rebranded under the Bunnings banner and it is understood these are now to be converted back into Homebase stores.