Homebase is to cut 303 jobs at its Milton Keynes head office, the company has confirmed.

The DIY chain was bought by Australian conglomerate Wesfarmers for £340m in 2016, but was recently sold again – to restructuring firm Hilco, for £1.

A total of 24 stores trading as Wesfarmers’ brand Bunnings will revert to Homebase outlets.

The job cuts are related to the withdrawal of the Bunnings brand from the UK, and in an effort to return the current Bunnings stores back into the Homebase brand, the support centre has been dramatically reduced in size. Homebase has 250 UK stores and employs about 12,000 people.

Chief executive Damian McGloughlin said: “We have not taken this decision lightly, but decisive action is required to start rebuilding Homebase’s position in the UK market.

“We will be providing as much support as we can to help those affected through this difficult time."

Meanwhile, in the Mail Online on Friday a Press Assocaition report has been published that states Homebase is exploring a second wave of store closures that could see up to 40 DIY outlets shut, putting hundreds more retail jobs at risk.

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