Local Homebases Among 42 To Shut

31 August 2018, 18:02 | Updated: 31 August 2018, 18:03

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Homebase has been given the green light to close 42 branches, putting around 1,500 jobs at risk.

Among them - the branches in Hedge End, Southampton, Tower Park in Poole and on Oxford's Botley Road.

The DIY firm's closing the stores via a Company Voluntary Arrangement; am insolvency procedure used by struggling firms to shut under-performing shops.

More than 95% of landlords to the struggling chain voted in favour of the plan, which staves off the immediate threat of administration.

Homebase boss Damian McGloughlin said: "We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA.

"We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.

"We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland."

The firm said it would try to redeploy affected staff.

16 stores have already been shut this year, and more than 300 jobs have gone at the firm's head office in Milton Keynes.