DEL BOY TO THE RESCUE!
1,600 Homebase staff saved by ‘Del Boy’ billionaire who can’t read or write
Around 2,000 Homebase staff are still at risk
HOMEBASE collapsed into administration yesterday — but 1,600 staff will be saved by the “Del Boy” billionaire behind The Range.
Plymouth-based tycoon Chris Dawson yesterday confirmed a deal to take over the Homebase brand name, rights, and 70 of its stores.
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It is expected the stores will be rebranded to The Range, but Homebase will continue as an online brand and will be used on some of The Range’s DIY products.
It comes just a year after The Range snapped up fallen Wilko and re-opened a number of its shops.
Around 2,000 Homebase staff are still at risk, but administrator Teneo said there would be no immediate redundancies and stores would still trade.
Buyers are being sought for Homebase’s remaining 49 stores, after Sainsbury's recently snapped up 11 of its outlets.
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Homebase’s collapse comes after going through a string of different owners.
Argos sold it for £360million in 2016 to Aussie conglomerate Wesfarmers, which disastrously tried to use it as a UK launchpad for its Bunnings DIY brand, with car park “sausage sizzles” and soft furnishings scrapped for power tools.
Turnaround firm Hilco then stepped in.
Despite DIY spending soaring in the pandemic, Homebase racked up losses as costs spiralled, and the cost-of-living crisis then hit demand.
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Homebase CEO Damian McGloughlin said: “It has been an incredibly challenging three years.
"A decline in consumer confidence has been exacerbated by persistent high inflation, global supply chain issues and unseasonable weather.”
Homebase the big sale and its legacy
TYCOON PLAYING THE FOOL
CHRIS Dawson left school without qualifications and can’t read or write — but has become one of the richest retailers in Britain.
His beginnings as a market stall trader gave him the gift of the gab and the art of cutting a deal.
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He started The Range in 1989 and has since made millions from it.
Chris, 71, leans into his reputation as a Del Boy billionaire with personalised number plates — while posing against his motor in Only Fools-inspired get-up.
Snapping up Wilko and Homebase so quickly suggests he isn’t done with his business empire just yet.
DELIVERY giant Just Eat Takeaway dealt with a severe case of indigestion yesterday by offloading its GrubHub US business for $650million (£509million).
It bought the firm for $7.3billion in 2021 at the height of the lockdown takeaway boom.
BURBERRY BID TO FEND OFF RIVALS
BURBERRY keeps it steamy in the winter months as it casts Rivals stars Alex Hassell and David Tennant in its Christmas campaign.
But like the characters in the saucy story by Jilly Cooper, the retailer has been thrust into its own rival takeover drama.
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For the past fortnight, the firm has been at the centre of rumours that Moncler, which sells puffa jackets for up to £1,500, is exploring a bid to snap it up.
Burberry has stayed schtum, while Italian brand Moncler also declined to comment.
But today, new boss of Burberry Joshua Schulman will be under the spotlight in his first City debut, alongside half-year results that are expected to lay bare the company’s ongoing sales slump.
HUGE CAR CLAIM
MILLIONS more drivers could be owed compensation in a car finance mis-selling scandal, it has emerged.
The FCA watchdog yesterday asked the Supreme Court to decide quickly whether lenders can appeal against last month’s ruling that it’s illegal for dealerships to take commission from motor finance providers.
Money Saving Expert’s Martin Lewis said the ruling meant “almost everyone who had car finance may have a complaint”, and could be a “PPI scale of payouts and a substantial threat to the industry.”
P.O. 'DOUBLE PAY
THE POST OFFICE is set to double postmasters’ pay.
All its 115 directly owned branches are to be closed, putting 1,000 jobs at risk.
But chairman Nigel Railton said the money saved will allow franchised postmasters a bigger share of revenue.
He added change was needed to get off a “burning platform”.
The Post Office also revealed it is negotiating to extend its tech contract with Fujitsu despite its role in the Horizon IT bug scandal, which saw subpostmasters bankrupted or wrongly convicted of fraud.
OZ FIRM’S CALL FOR RATES AID
THE boss of homeware brand Harvey Norman has called on the Government to overhaul business rates as it plots a bigger UK expansion.
Harvey Norman, which has 320 shops globally, opened its first UK store in Merry Hill, near Dudley, last month.
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The Australian retail brand is opening an office in Sutton Coldfield and plans further shops in the Midlands area within the next year.
It already has a UK website selling sofas, TVs, laptops and washing machines.
MD Lachlan Roach said: “Our website works well but we know some customers want to look and feel the products.
“We’re a bit of John Lewis, a bit of Currys and we have a price guarantee against online retailers like AO too.”
Mr Roach said: “I think a review of business rates would entice a lot more businesses to open more sites. It’s a big risk operating stores.”
THAMES’ CASH TAP
THAMES Water has been given a lifeline after a necessary 75 per cent of creditors agreed to a £3billion emergency loan.
The rescue deal must be approved by a court, but it delays the threat of temporary nationalisation.
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Bondholders are charging the UK’s biggest water firm 9.7 per cent interest for the loan but say it is the best option.
Thames warned it would run out of money without funding due to its debts of £19billion.
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