Billionaire owner of The Range to save 1,600 Homebase jobs but fears remain for 2,000

The owner of bargain store The Range has agreed to buy up 70 Homebase stores after the DIY chain went bust.

CDS Superstores, controlled by billionaire Chris Dawson, has struck a deal with administrators in a move expected to save as many as 1,600 jobs. But there are fears over another 2,000 workers at Homebase’s remaining 49 stores and its head office.

Mr Dawson, nicknamed the “Del Boy billionaire”, is also buying the Homebase brand. The tycoon bought collapsed chain Wilko last year, since when he has set about opening a number of stores.

CDS saids the Homebase brand will continue to trade online, and the stores it is buying will remain as Homebase over the coming months until they are transferred to CDS when they will quickly re-open as The Range superstores.

Group chief executive Alex Simpkin said: “We’ve stepped in following the sad demise of the much- loved Homebase brand which has had a long and previously successful history of helping UK households with their DIY projects and needs, for over 45-years.”

Damian McGloughlin, boss of Homebase, said: “It has been an incredibly challenging three years for the home and garden improvement market. A decline in consumer confidence and spending following the pandemic has been exacerbated by the impact of persistent high inflation, global supply chain issues and unseasonable . "Against this backdrop, we have taken many and wide-ranging actions to improve trading performance including restructuring the business and seeking fresh investment. These efforts have not been successful and today we have made the difficult decision to appoint administrators.”

Gavin Maher, joint administrator at Teneo, said: “We appreciate that this is a very difficult and uncertain time for all involved. The sale to CDS preserves the Homebase brand and secures a significant number of jobs and we hope to complete sales of additional stores over the coming weeks. The remainder of the stores will continue to trade whilst buyers are sought and we would encourage any party with an interest to get in touch.”