Over 95% of Homebase creditors vote in favour of CVA
Homebase's creditors voted in favour of a Company Voluntary Arrangement (CVA), with 95.92% of creditors backing the plan.
Homebase will now close 42 of its 241 stores during late 2018 and early 2019, leaving 1,500 people at risk of losing their jobs.
The stores to close are:
Aberdeen Bridge of Don Aberdeen Portlethen Aylesbury Bedford St Johns Bradford Brentford Bristol Canterbury Cardiff Newport Road Croydon Purley Way Droitwich Dublin Fonthill Dublin Naas Road Dundee East Kilbride Exeter Gateshead Grantham Greenock Hawick Inverness Ipswich Limerick London Merton London New Southgate London Wimbledon Macclesfield Oxford Botley Road Peterborough Pollokshaws Poole Tower Park Robroyston Salisbury Seven Kings Solihull Southampton Hedge End Southend Stirling Swindon Drakes Way Swindon Orbital Warrington Whitby
Damian McGloughlin, CEO of Homebase, said: “We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA. We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.
“We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.”