Homebase bid by Punch Taverns founder

UK businessman Hugh Osmond is preparing a £300million bid for home and garden retailer Homebase, according to a report by Sky News.

12 Apr, 21

UK businessman Hugh Osmond is preparing a £300million bid for home and garden retailer Homebase, according to a report by Sky News.

Homebase at bottom of Which? high street shop survey

 

Osmond worked on the floatation of restaurant chain Pizza Express, founded Punch Taverns and is a partner in Sun Capital Partners

He was included in the Sunday Times Rich List with a reported worth of £232million in 2020.

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It is believed Osmond is one of number of bidders for Homebase, although their identities have not been revealed.

Hilco is the current owner of the business, having acquired it from Australian group Wesfarmers three years ago for a nominal sum.

Wesfarmers bought the business for £340m in 2016 and rebranded it as Bunnings, but a year later posted a £54million loss.

Following the Hilco acquisition, the retailer entered a Company Voluntary Arrangement (CVA), resulting in 42 store closures and 1,500 job losses.

Since then, the company led by CEO Damian McGloughlin, has not only returned to profitability but also acquired Bathstore and introduced high street formats for its dual branded stores.

A spokesperson for Homebase commented: “As we announced at the end of last year, we’re looking at a number of options to further accelerate our growth plans, and this process is still ongoing.”

 

 

 

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