B&Q to acquire five UK Homebase stores
B&Q has reached an agreement to acquire five leasehold stores, currently trading as Homebase, for a total consideration of £2.5m.
The five acquired stores will be converted to the B&Q brand and will have a combined selling area of over 269,000 sq ft.
The agreement to purchase the stores is subject to landlord approvals, with the expectation that the transaction will complete during the first quarter of Kingfisher’s (B&Q’s parent company) 2025/26 financial year.
Upon completion of the acquisition, the stores will start to be converted to the B&Q banner in Spring 2025, with all conversions expected to be completed by the end of 2025.
The stores are located in Altrincham, Basingstoke, Biggleswade, Leamington Spa, and Worcester.
This comes after the DIY retailer agreed to acquire three Homebase stores in the Republic of Ireland at the end of last year for £3.2m, adding over 100,000 sq ft of trading space.
Graham Bell, CEO of B&Q, said: “We’re delighted to be buying these five stores, bringing a total of eight additional sites to our fantastic store network in the UK and Ireland. We’re determined to give home improvers the choice and convenience they deserve, and to transform the home improvement stores in these locations to fulfil that need.
“It’s a great way to be starting 2025! We look forward to swiftly concluding these purchases and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family.”
This comes after Homebase collapsed into administration last November, with 74 stores being placed on the market.