August 14, 2018 3.46 pm This story is over 65 months old

Grantham Homebase store among wave of closures

Some 1,500 jobs are at risk across the country.

The Grantham Homebase store has been outlined for closure, among 42 other outlets across the country.

Some 1,500 jobs are said to be at risk after restructuring company Hilco confirmed it was planning a Company Voluntary Arrangement.

The firm bought the struggling DIY chain for £1 back in May and has already closed 18 stores since the buyout.

So far this year, 17 branches have closed, including in Lincoln, and 303 jobs have been axed at the brand’s head office in Milton Keynes.

Outlets earmarked to shut will be wound up over the next 16 months.

Grantham’s store is located off Dysart Road.

In a statement, Homebase said: “Homebase’s sales performance and profitability declined significantly under the previous ownership over the last two years.

“In addition, the company has faced an extremely challenging retail trading environment reflecting weak consumer confidence and reduced consumer spending. These factors have had a significant adverse impact on Homebase’s trading position.

“After a comprehensive review, Homebase has concluded that its current store portfolio mix is no longer viable. Rental costs associated with stores are unsustainable and many stores are loss making.”

They added: “It is anticipated that 42 stores will close during late 2018 and early 2019.

“The proposed changes to the store portfolio will regrettably mean redundancies from those stores earmarked for closure.

“The process is expected to lead to a reduction of up to 1,500 roles, although every effort will be made to redeploy team members within the business where possible.”

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