Homebase is to cut 300 jobs at its Milton Keynes head office as it begins a turnaround programme following its disastrous ownership under Bunnings.

The job losses represent a third of Homebase HQ staff.

Bunnings sold Homebase to restructuring and turnaround specialist Hilco for £1 in May, booking a loss of between £200m and £230m on the botched acquisition.

Homebase said: “The changes reflect the need to align the store support centre with the operational and strategic changes that are being implemented.

“These necessary changes will ensure that Homebase is better prepared to meet the demands of the UK’s challenging retail environment.

“The store support centre had served both Homebase and Bunnings brands prior to Wesfarmers’ sale of the business.

“With the withdrawal of the Bunnings brand it was necessary to realign the team to best serve a single, independent brand.”

Homebase boss Damian McGloughlin, a former B&Q director who joined Bunnings last year, said: “We have not taken this decision lightly, but decisive action is required to start rebuilding Homebase’s position in the UK market. We will be providing as much support as we can to help those affected through this difficult time.”

Bunnings bought Homebase from Home Retail Group in 2016 for £340m but swiftly dispensed with the former management team and failed to adapt its offer the UK market. Its ownership of Homebase was dubbed “the most disastrous retail acquisition in the UK ever” by GlobalData analyst Patrick O’Brien.