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Homebase receives bid from former Comet owner

Opcapita, the former owner of Comet has put in a bid of an undisclosed amount for Homebase according to Sky News.

Homebase owners Wesfarmers are looking to sell the chain following their 2016 takeover and are offering a £100m dowry to any potential buyer.

Homebase reported a $97m trading loss for the second half of 2017 and Wesfarmers were forced to write-down the UK business value by £550m. The home and garden retailer is now expected to lose £190m in the current financial year.

Wesfarmers did call in advisors Alvarez & Marsal in order to find an alternative to a sale, with it reported the alternative would result in mass closures of Homebase stores.

The former Comet owners would be a controversial buyer after the electrical appliance giant fell into administration just nine months after it was bought by Opcapita.

Opcapita’s failings at Comet left the taxpayers to pick up a £50m bill, however the company has had some recent success with Game Digital, as it floated on the stock market in 2014.

Opcapita declined to comment when contacted by Retail Sector, and Retail Sector is yet to receive a response from Homebase.

The Opcapita bid comes just weeks after Wesfarmers £100m dowry offer was announced.

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