The Australian owner of struggling DIY chain Homebase has begun sounding out potential buyers just two years after a dismal £340m takeover.
Wesfarmers cleared out the British retailer’s managerial team after buying it in 2016, but has failed to turn it around, to the dismay of investors.
Homebase slumped to a £97m trading loss over the second half of last year and Wesfarmers was forced to write-down the value of the UK business by £550 million.
The Guardian looks at what led to the potential sale and how the owner of Australian DIY store chain Bunnings was caught out by the ‘complexity’ of the British home improvements market.
