A high flying retail tycoon dubbed the “Del Boy Billionaire” has saved struggling DIY firm Homebase. Chris Dawson, who owns home garden and leisure brand The Range, secured the deal that is expected to save 1,600 jobs and 70 Homebase stores yesterday, administrators Teneo confirmed.
Around 2,000 jobs and 49 shops remain at risk after Homebase owner Hilco announced yesterday morning they were appointing insolvency experts after reporting a £84.2 million loss last year.
There had been fears all 141 Homebase stores were at risk despite Hilco buying the high street brand for just £1 in 2018.
Mr Dawson, 72, pulled off a similar deal last September when he bought Wilko’s name and intellectual property for £5 million after the British homeware chain collapsed.
(Image: Craig Connor/ChronicleLive)
The retail tycoon, who grew up on a council estate in Plymouth, said he is “delighted to save so many jobs and stores”.
Homebase’s uncertain future follows a slew of blows for Britain’s high street as consumers turn to online retailers.
Beloved brands Debenhams, BHS, Wilko, The Body Shop and Carpetright have all fallen on hard financial times in recent years due to the decline of the high street.
(Image: Wikipedia)
Homebase boss Daniel McGloughlin said the last three years had been “incredibly challenging” for DIY stores due to ‘a decline in consumer confidence and spending’ after the pandemic
In a statement issued yesterday, he said: “Against this backdrop, we have taken many and wide-ranging actions to improve trading performance including restructuring the business and seeking fresh investment.
“These efforts have not been successful and today we have made the difficult decision to appoint administrators.”
(Image: East Kilbride News)
It remains unclear what Homebase stores are at risk. Sainbury’s already purchased 10 stores earlier this year, with most of those currently being turned into supermarket branches.
Mr Dawson was raised on a Plymouth council estate by his labourer dad and cleaner mum. Despite his humble beginnings, his family is now estimated to be worth more than £2 billion pounds.
He was given the ‘Del Boy Billionaire’ nickname due to the distinctive DE11 BOY licence plate on his £350,000 Rolls Royce.
(Image: Craig Connor/ChronicleLive)
As a boy, he struggled academically and was so severely dyslexic that he left school without a single qualification, unable to read and write.
But dyslexia did not stop his business brain and he began selling ice-creams at the age of seven, before taking on three paper rounds – two of which he subcontracted to friends.
He makes no secret of his unabashed desire to be rich, once telling the Mail that as each person comes into his shop he thinks ‘kerching, kerching, kerching!’
Homebase saviour Mr Dawson resides at number 70 on the Sunday Times Rich List – and lives in Monaco.
For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters.