By John Glenday

Home Retail Group UK has agreed terms to a £340m takeover of its home improvement and garden division Homebase by Australia’s Wesfarmers, although it remains subject to shareholder approval.

The deal brings the British DIY chain under the global umbrella of Australia’s largest purveyor of DIY and outdoor products, which will now invest £242m in building the business and a migration to the Bunnings brand over the next three to five years.

Bunnings managing director John Gillam said the deal was a ‘compelling opportunity’, adding: “Homebase has an established and scalable store platform with strong representation in high density areas. The stores Read full story ›

Source: The Drum