Homebase: 'Del Boy Billionaire’ Chris Dawson to part-rescue DIY retailer, saving nearly 1,600 jobs

Watch more of our videos on ShotsTV.com 
and on Freeview 262 or Freely 565
Visit Shots! now
High street tycoon Chris Dawson, nicknamed the “Del Boy billionaire,” is set to part-rescue the struggling DIY chain Homebase.

The billionaire owner of discount retailer The Range is finalising a £30 million deal to acquire up to 70 Homebase stores, along with the brand and its website, in a move expected to save nearly 1,600 jobs. However, approximately 1,000 shop workers and head office staff face uncertainty unless a buyer can be found for the remaining 60 stores.

“We are delighted to be able to save so many stores and jobs, and look forward to adding the Homebase brand and subsidiaries to the expanding Range group of companies,” Mr Dawson told The Telegraph. The deal comes as administrators from Teneo are expected to take over at Homebase on Thursday, paving the way for Mr Dawson’s CDS Superstores, the parent company of The Range, to acquire a significant portion of the business.

Hide Ad
Hide Ad

The Plymouth-based businessman, who is worth £2.5 billion and known for his Rolls Royce with the license plate “DE11 BOY,” previously acquired remnants of the Wilko chain after its collapse last year. Under his leadership, several Wilko stores have reopened, with plans for more in the pipeline.

Homebase, which has a store at Craigleith Retail Park in Edinburgh, is set for administration, according to reports.Homebase, which has a store at Craigleith Retail Park in Edinburgh, is set for administration, according to reports.
Homebase, which has a store at Craigleith Retail Park in Edinburgh, is set for administration, according to reports. | Homebase

The Homebase deal represents the latest chapter in the retailer’s turbulent history. Hilco Capital, which acquired the chain for £1 in 2018, has been trying to sell the business since summer. After taking over, Hilco implemented a company voluntary arrangement that resulted in the closure of over 100 stores and 1,500 job losses. Despite this, Homebase continued to struggle, reporting losses of more than £40 million in 2022.

Founded in 1979 by Sainsbury’s, Homebase has experienced numerous ownership changes, including a brief stint under Australian retail giant Wesfarmers, widely regarded as one of the UK’s most disastrous retail takeovers. Hilco’s subsequent efforts to stabilise the brand included selling 10 stores back to Sainsbury’s for £130 million last year, further shrinking the chain to its current 130 locations.

Under the new deal, The Range is expected to integrate Homebase’s assets into its portfolio, continuing its strategy of revitalising struggling high street brands. Last year, Dawson acquired the Wilko brand and intellectual property for £5 million and has since reopened several stores under the Wilko name, with ambitious plans to relaunch up to 300 locations.

Hide Ad
Hide Ad

Despite his success, Dawson remains a controversial figure. He and his wife, Sarah, rank 70th on the Sunday Times Rich List, with their fortune growing by £475 million last year, partly due to international investments and hedge fund successes. However, reports emerged that Sarah received a £141 million dividend in 2022, which was unlikely to be taxed in the UK as she resides in Jersey. The funds were reportedly used to develop a 1.2 million sq ft warehouse in Suffolk and to repay company loans.

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.

Telling news your way
Follow us
©National World Publishing Ltd. All rights reserved.Cookie SettingsTerms and ConditionsPrivacy notice