Former Comet owner bids for Homebase

Private investment company OpCapita is reportedly bidding to take on Homebase, following the dire performance of the brand following Wesfarmer’s acquisition.

Sky News reports that OpCapita – owner of the Football Pools – has tabled an offer to the Bunnings owner. The private investment company owned electrical goods retailer Comet when that company was liquidated in 2012. OpCapita is understood to be one of a number of bidders for the Homebase business.

Wesfarmers bought Homebase in 2016 and began its Bunnings pilot warehouse conversions in Feb 2017. At the start of this year, Wesfarmers admitted the Homebase acquisition had been “below our expectations“, due in part to rapid changes to Homebase, including ditching non-core categories and concessions. Homebase’s management team was also fired shortly after the acquisition.