Analysis: How Homebase got back in the black

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This time last year Homebase had just reported a £114.5m loss following several bad decisions by its former owner Wesfarmers.

Wesfarmers cut its losses and private equity firm Hilco snapped up the home and DIY retailer for just £1 in 2018, with the business appearing to be on its last legs.

Since then, Homebase has launched a CVA closing 42 stores, acquired specialist retailer Bathstore and been put under the magnifying glass by chief executive Damian McGloughlin as part of an aggressive turnaround plan.

A year later, Homebase has delivered an impressive transformation, posting a £3.2m return to profit and a 2.6% uptick in like-for-like sales during the year to December 29, 2019.

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