Homebase is the latest retailer to be hit by a the recent trend of store closures, placing 74 sites up for sale after falling into administration,
The DIY retailer was waiting for around £5million in tax rebates before appointing administrators last week.
After announcing it had fallen into administration, Homebase consultancy firm Teneo to oversee the process after it was hit hard by an “incredibly challenging” three years for the DIY sector.
Administrators secured a deal to sell the business to retail group CDS, which also owns The Range and Wilko, securing the future of up to 1,600 jobs and 70 stores.
Despite this win, Homebase’s remaining stores remain at risk of closing permanently with 2,000 jobs being on the line.
As such, Teneo has now placed 74 leasehold stores on the market for potential buyers.
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Administrators have confirmed a deadline of November 29 for potential buyers to purchase the remaining stores.
The collapse of Homebase comes amid reports that Wells Fargo refused to extend the business’s lending facility due to financial concerns.
It is understood that said concerns came about as Homebase waiting for around £5million to be remitted back to it in tax rebates, PA reports.
Homebase’s collapse came amid reports that banking giant Wells Fargo declined to extend the group’s lending facility due to concerns about its finances.
According to commercial real estate adviser Atlus Group, more than 50 checks, challenges and appeals against Homebase’s property tax liabilities were outstanding at the time.
As part of the administration process, Homebase is seeking reductions in the overall rateable value of its store portfolio by £5.7million after a 2023 revaluation of its annual business rates bill.
Altus claims that it has dealt with before the retailer’s collapse, it would have resulted in tax rebates of around £5 million for the 2023/24 and 2024/25 financial years.
Alex Probyn, president of property tax at Altus Group, said: “The appeal process is just far too slow and ultimately damaging to cash flow.
“With business now facing the biggest tax increases in three decades, the 2023 tax base must be corrected quickly to ensure that ratepayers not only receive their rebates timely but also have the confidence that their bills have been set fairly.”
High streets have been hit by a wave of store closures since the pandemic, on top of banks shutting down PA
Here is a list of the properties placed on the market:
- Abingdon, Oxfordshire
- Alnwick, Northumberland
- Altrincham Retail Park, Manchester
- Junction One Retail Park, Antrim, Northern Ireland
- Barnstaple, Devon
- Basildon, Essex
- Basingstoke, Hampshire
- Shane Park, Belfast
- Berwick upon Tweed, Northumberland
- Biggleswade, Bedfordshire
- Battery Retail Park, Birmingham
- Bishop Auckland, County Durham
- Bracknell, Berkshire
- Enterprise Five Retail Park, Bradford
- Branksome, Poole
- Bridgend Retail Park, Bridgend, Wales
- Broadstairs, Kent
- Bury St. Edmunds, Suffolk
- The Orbital Retail Centre, Cannock, Staffordshire
- Horsted Retail Park, Chatham, Kent
- Cheltenham
- Greyhound Retail Park, Chester
- Discovery Park, Chichester
- Colchester Stanway, Colchester
- Gallagher Retail Park, Coventry
- Rushmore Retail Park, Craigavon
- Daventry, Northamptonshire
- Wyvern Retail Park, Derby
- Dumfries, Scotland
- Halbeath Retail Park, Dunfermline, Scotland
- Farnham Retail Park, Farnham
- Folkestone, Kent
- Drumkeen Complex, Belfast
- Retail World, Gateshead
- Gloucester
- Hamilton, Scotland
- Hanworth, Feltham, London
- Harlow, Essex
- Eddington Business Park, Herne Bay, Kent
- Tyne Valley Retail Park, Hexham
- Heath Retail Park, Honiton
- Hove, Brighton & Hove
- Hull
- Leamington Spa
- Ledbury, Herefordshire
- Moor Allerton Centre, Leeds
- Letterkenny, Republic of Ireland
- Lewes, East Sussex
- London Catford
- London Streatham Vale
- Luton
- South Aylesford Retail Park, Maidstone
- Milton Keynes
- Navan Retail Park, Republic of Ireland
- Newcastle under Lyme, Staffordshire
- Norwich Hall Road
- Norwich Sprowston
- Madford Retail Park, Nottingham
- Oban, Scotland
- Oldbury, West Midlands
- Wyndham Retail Park, Portishead
- Romford, Essex
- Saffron Walden, Essex
- Sleaford, Lincolnshire
- St Albans
- Sudbury, Suffolk
- Wrekin Retail Park, Telford
- Truro, Cornwall
- Tunbridge Wells
- Upton, Wirral
- Waltham Cross, Hertfordshire
- Waterford, Republic of Ireland
- Wolverhampton
- Worcester.