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Hugh Osmond eyes £300m Homebase takeover bid

The former Pizza Express owner’s investment vehicle, Osmond Capital, has reportedly emerged as a ‘serious bidder’ for the home furnishings chain

Hugh Osmond is reportedly one of a number of parties looking to launch a £300m takeover bid for DIY retailer Homebase.

According to Sky News, the former Pizza Express owner’s investment vehicle, Osmond Capital, has emerged as a “serious bidder” for the home furnishings chain.

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If completed, the sale would represent a large markup for Hilco Capital, who acquired the business for a “nominal sum” in 2018.

One source told the publication that Hilco’s exit from the brand would mark its “best-ever deal”.

Homebase entered a company voluntary arrangement (CVA) shortly after Hilco’s 2018 takeover, and has since restored profitability as lockdown resulted in a spike in sales.

Hilco had hired Lizard, an investment bank, to sell Homebase in November, in an effort to capitalise on the recent successes and raise funds for the group’s next stage of growth.

The takeover bid is reportedly set to be launched via Osmond Capital, which holds a stake in the restaurant group Various Eateries, as Homebase is considered too small a deal for Broadstone Acquisition Corp, Osmond’s New York-listed purpose acquisition company.

A spokesperson for Homebase said: “As we announced at the end of last year, we’re looking at a number of options to further accelerate our growth plans, and this process is still ongoing.”

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