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Homebase in new hands following £340m sale by Home Retail Group

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Homebase is in new hands today. Home Retail Group has confirmed that its sale to Australian group Wesfarmers for £340m has completed.

Wesfarmers managing director Richard Goyder welcomed the acquisition of the £1.5bn turnover DIY retailer, which will bring

15,000 new UK and Irish employees to the Wesfarmers Group.

“We welcome our new employees and are excited about the opportunity to bring the best of Bunnings to the UK and Ireland,” said Goyder.

When Home Retail Group last month announced its plans to sell Homebase, it seemed the move would leave it clear to focus on developing Argos. Argos, an Elite retailer in the IRUK Top500, is currently going through a transformation plan that focuses on putting digital first in the business.

Since then, both Sainsbury’s and German group Steinhoff have suggested they will make their own bids for the general merchandise retailer – leaving Argos standing at a crossroads while it waits to see what its future will hold.

Today’s news of the Homebase completion puts the spotlight even more firmly on Argos.

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