Homebase to disappear from the UK

Endaba Group

Home Retail Group’s DIY arm, Homebase, is now owned by Australian group Wesfarmers. The deal was completed at the weekend, approved at AGM last week, valuing the business at £340m. Homebase will disappear from the UK market, replaced by Wesfarmer’s owned Australian brand Bunnings.

Argos’ fate is till undecided. Sainsbury’s is considering a higher offer for Argos following Steinhoff’s last minute cash offer of £1.4bn, above Sainsbury’s £1.3bn offer. They both have until March 18th, as the deadline was extended by three weeks in line with Steinhoff’s schedule.