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DIY

Homebase close to buying out Bathstore

DIY retailer Homebase is reportedly closing in on acquiring bathroom retailer Bathstore, according to The Telegraph.

The company entered administration last month, with accounting firm BDO, after it failed to find a buyer for the business, placing 500 jobs and 135 stores at risk. It has not been confirmed whether Homebase will acquire all of the company’s stores or just a section of them.

The retailer has faced challenges recently, reporting operating profit losses of £28.1m for the year-to 31 July 2017.

So far, the company has cut 89 jobs at it head office in Welwyn Garden City.

Homebase approved CVAs earlier this year to fend off administration, allowing the closure of 42 stores under new owners Hilco.

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