Creditors agree to Homebase CVA

The future of Homebase has been bolstered after creditors voted in favour of moving the firm into a compulsory voluntary arrangement (CVA) (BBC).

Damian McGloughlin, Homebase Chief Executive, said: “We now have the platform to turn the business around and return to profitability. We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.”

Homebase was bought by Hilco Capital for a nominal £1 in May following Wesfarmers’ failed bid to use the chain to launch the Bunnings brand in the UK and Ireland.

The i news site has a list of the 40-plus stores closing.