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Osmond Capital Reportedly Interested In Homebase

Homebase Bathstore 725

Sky News has reported that Homebase has attracted the interest of Hugh Osmond, a wealthy British businessman who has been involved with several high profile acquisitions, mergers and IPOs, including Pizza Express, Punch Taverns and the insurance company Phoenix Group.

According to the article, Mr Osmond's investment company Osmond Capital is putting together a takeover bid of £300m for the home improvement retailer.  

Homebase's parent company, Hilco Capital, approached investment bank Lazard to sell the Homebase business in November 2020.  Around that time, Homebase CEO Damian McGloughlin told Insight DIY, "As we look ahead to 2021 I’m so excited about the growth plans we have, to cement our position as the home and garden experts, and provide a one-stop shop for the products, expertise and inspiration our customers need to refresh or completely transform their homes and gardens.”   

Hilco, which purchased the chain from Bunnings in May 2018 for just £1, is understood to have considered floating the home improvement retailer on the stock market.

Should a sale be agreed at £300m, a source told Sky News said that it would represent Hilco's "best-ever deal".

Mr Osmond declined to comment on the matter when approached by Sky News, and neither Hilco or Lazard could be reached.

A Homebase spokeswoman told Sky News: "As we announced at the end of last year, we're looking at a number of options to further accelerate our growth plans, and this process is still ongoing."

Source : Insight DIY Team and Sky News

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10 April 2021

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