Pubs boss Hugh Osmond plans £300m Homebase bid as DIY chain sees boom in sales during lockdown
- Hugh Osmond is one of a number of potential buyers interested in Homebase
- A City source said the price tag is between £200million to £300million
- Homebase was rescued by Hilco Capital in 2018 for a nominal £1
Hospitality entrepreneur Hugh Osmond is weighing a bid to buy Homebase after the DIY chain enjoyed strong lockdown sales.
It is understood Osmond, who built up Pizza Express and pub group Punch Taverns, is one of a number of potential buyers. A City source said the price tag is between £200million to £300million.
He added: ‘It’s a remarkable turnaround story, but how much of that is due to a Covid lockdown boost to sales is uncertain.’ Homebase was rescued by Hilco Capital in 2018 for a nominal £1.
For sale: Most of Homebase remaining 164 stores returned to profit last year
It faces increased competition as non-essential retailers reopen from tomorrow.
Osmond, who is worth £232million, would buy Homebase through his Osmond Capital investment firm, Sky News said. It is understood no formal bid has been submitted in an auction run by investment bank Lazard.
Most of its remaining 164 stores returned to profit last year. Hilco and Osmond declined to comment last night.