Nottinghamshire Homebase's future uncertain as store put up for sale

The future of a Homebase in Nottinghamshire is uncertain after it was confirmed to be one of 74 stores that have been put up for sale. The troubled home improvement and garden chain appointed administrators last week after it was hit hard by an “incredibly challenging” three years.

Administrators, Teneo, struck a deal to sell the business to retail group CDS, which owns The Range and Wilko, securing the future of up to 1,600 jobs and 70 stores. However, the future of 2,000 other workers and its remaining stores was left hanging in the balance.

Teneo have now placed 74 leasehold Homebase stores on the market, which includes the store in Madfield Retail Park, Daybrook. The move casts major doubts over the future of the store, which has 'administration sale' signs placed in its windows.

Administrators have set a deadline of November 29 for potential suitors to buy the remaining stores, amid efforts to secure more funds for creditors. Homebase’s collapse came amid reports that banking giant Wells Fargo declined to extend the group’s lending facility due to concerns about its finances.

The PA news agency has found that these concerns came as the retailer waited for around £5 million to be remitted back to it in tax rebates. Commercial real estate adviser Altus Group, which represented the chain, said more than 50 checks, challenges and appeals against the retailer’s property tax liabilities were outstanding at the time of its collapse.

The company was seeking reductions in the overall rateable value of its store portfolio by £5.7 million following a 2023 revaluation of its annual business rates bill. Altus said that had these been dealt with before the retailer’s collapse, it would have resulted in tax rebates of around £5 million for the 2023/24 and 2024/25 financial years.

Alex Probyn, president of property tax at Altus Group, said: “The appeal process is just far too slow and ultimately damaging to cash flow. With business now facing the biggest tax increases in three decades, the 2023 tax base must be corrected quickly to ensure that ratepayers not only receive their rebates timely but also have the confidence that their bills have been set fairly.”