B&Q takes over five Homebase stores in bold £2.5 million move

In the UK, B&Q has reached an agreement to purchase five Homebase stores after the latter experienced significant financial troubles, leading to its administration in November 2023. The deal, valued at £2.5 million, was made following Homebase's struggle with declining consumer confidence and spending linked to the pandemic and the ongoing cost-of-living crisis. This financial setback forced Homebase to call in administrators, prompting the sale of up to 70 stores to retail group CDS while leaving 49 stores in uncertainty pending new ownership. B&Q, a leading home improvement retailer with over 300 stores in the UK and Ireland, is owned by Kingfisher, and this acquisition marks a significant step in expanding its market presence during a challenging retail environment. The five stores targeted for conversion are located in Altrincham, Basingstoke, Biggleswade, Leamington Spa, and Worcester. B&Q aims to complete the store conversions by the end of the year, with refurbishments and branding efforts expected to be finalized in the coming months. Once leases are exchanged, employees from the acquired stores will transition into positions within B&Q, further solidifying the company's workforce. Chief executive Graham Bell expressed his enthusiasm for this expansion, reflecting the company's commitment to welcoming new customers and their corresponding staff into the B&Q brand. This strategic move follows another similar acquisition where B&Q secured three stores in Ireland, further indicating a proactive approach to grow amidst competitors' distress in the market.