The Homebase business is not very well positioned now. Its overpriced and over rented in terms of the properties – all the properties are far too expensive,” Mr Grimsey told Fairfax Media.
“Theyve paid too much for it… theyve arrived in England with a Bunnings format and really plonked Australia into England and that was never going to work.”
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Mr Grimsey said that with bricks and mortar retailers in the UK faring no better than elsewhere in the world, there was not an obvious buyer for Homebase.
Private equity could be an option, he said, although any investor would only be willing to pay a “very small price”.
Wesfarmers managing director Rob Scott has said that closing BUKI was an option, but not a preferred one because of the …
Read the full article at: https://www.smh.com.au/business/companies/it-was-never-going-to-work-bunnings-expected-to-struggle-for-buyers-in-uk-20180402-p4z7fj.html
