Pizza Express tycoon Hugh Osmond is preparing a £300 million takeover approach for Homebase.
Osmond, 59, who became one of Britain’s biggest pub landlords when he established Punch Taverns, is among parties interested in buying the DIY chain through his private investment vehicle, Osmond Capital.
Homebase has been on the market since November when Hilco, which bought it for £1 in 2018 after a disastrous spell with Australia’s Wesfarmers, announced plans to sell or list. Wesfarmers paid £340 million for it 18 months prior, but failed to win customers after it moved from soft furnishings and home decor to heavy-duty DIY.
Osmond, who declined to comment, is yet to enter exclusive talks, and could decide not to make an offer. His interest was first reported by Sky News. Any deal is also likely to involve the private equity firm he runs, Sun Capital, plus external finance.
Homebase is among the DIY and homeware shops to have done relatively well during the pandemic, as consumers focused on home improvements. It is unclear if this trend will continue.
