Surrey Homebase one of 74 up for sale after troubled chain falls into administration

A Surrey Homebase store is among 74 that are now up for sale after the well-known retailer fell into administration last week.

The Farnham store has had a purchase deadline set of November 29 as administrators look to quickly raise funds. Other stores in the south east for sale include in Basingstoke in Hampshire and Bracknell in Berkshire.

The embattled DIY and garden retailer, was reportedly awaiting approximately £5 million in tax rebates before its collapse. The company has now set a deadline for the end of next week for potential buyers to express interest in acquiring its remaining UK and Ireland stores.

After an "incredibly challenging" three years for the DIY industry, Homebase appointed administrators from Teneo, who have successfully negotiated a sale of the business to retail conglomerate CDS, owners of The Range and Wilko. This deal secures the jobs of up to 1,600 employees and the future of 70 stores.

However, the fate of another 2,000 staff members and additional stores hangs in the balance as 74 leasehold Homebase stores are put on the market, with a purchase deadline set for November 29. The move aims to raise more funds for creditors following Homebase's collapse, which occurred amidst reports that Wells Fargo refused to extend the group's credit facility over financial concerns.

Investigations by the PA news agency revealed these concerns arose while the retailer was waiting for significant tax rebates. Altus Group, a commercial real estate advisor representing Homebase, confirmed that over 50 checks, challenges, and appeals related to the retailer’s property tax liabilities were unresolved at the time of its downfall.

The company had been seeking to reduce the overall rateable value of its store portfolio by £5.7 million following a 2023 revaluation of its annual business rates bill. Altus Group highlighted that if these appeals had been resolved before the retailer's collapse, it would have led to tax rebates of approximately £5 million for the financial years 2023/24 and 2024/25.

Alex Probyn, president of property tax at Altus Group, commented: "The appeal process is just far too slow and ultimately damaging to cash flow."

He added, "With business now facing the biggest tax increases in three decades, the 2023 tax base must be corrected quickly to ensure that ratepayers not only receive their rebates timely but also have the confidence that their bills have been set fairly."

Homebase and Teneo have not yet responded to requests for comment.

Locations of the properties placed on the market:

-Abingdon, Oxfordshire

-Alnwick, Northumberland

-Altrincham Retail Park, Manchester

-Junction One Retail Park, Antrim, Northern Ireland

-Barnstaple, Devon

-Basildon, Essex

-Basingstoke, Hampshire

-Shane Park, Belfast

-Berwick upon Tweed, Northumberland

-Biggleswade, Bedfordshire

-Battery Retail Park, Birmingham

-Bishop Auckland, County Durham

-Bracknell, Berkshire

-Enterprise Five Retail Park, Bradford

-Branksome, Poole

-Bridgend Retail Park, Bridgend, Wales

-Broadstairs, Kent

-Bury St. Edmunds, Suffolk

-The Orbital Retail Centre, Cannock, Staffordshire

-Horsted Retail Park, Chatham, Kent

-Cheltenham

-Greyhound Retail Park, Chester

-Discovery Park, Chichester

-Colchester Stanway, Colchester

-Gallagher Retail Park, Coventry

-Rushmore Retail Park, Craigavon

-Daventry, Northamptonshire

-Wyvern Retail Park, Derby

-Dumfries, Scotland

-Halbeath Retail Park, Dunfermline, Scotland

-Farnham Retail Park, Farnham

-Folkestone, Kent

-Drumkeen Complex, Belfast

-Retail World, Gateshead

-Gloucester

-Hamilton, Scotland

-Hanworth, Feltham, London

-Harlow, Essex

-Eddington Business Park, Herne Bay, Kent

-Tyne Valley Retail Park, Hexham

-Heath Retail Park, Honiton

-Hove, Brighton & Hove

-Hull

-Leamington Spa

-Ledbury, Herefordshire

-Moor Allerton Centre, Leeds

-Letterkenny, Republic of Ireland

-Lewes, East Sussex

-London Catford

-London Streatham Vale

-Luton

-South Aylesford Retail Park, Maidstone

-Milton Keynes

-Navan Retail Park, Republic of Ireland

-Newcastle under Lyme, Staffordshire

-Norwich Hall Road

-Norwich Sprowston

-Madford Retail Park, Nottingham

-Oban, Scotland

-Oldbury, West Midlands

-Wyndham Retail Park, Portishead

-Romford, Essex

-Saffron Walden, Essex

-Sleaford, Lincolnshire

-St Albans

-Sudbury, Suffolk

-Wrekin Retail Park, Telford

-Truro, Cornwall

-Tunbridge Wells

-Upton, Wirral

-Waltham Cross, Hertfordshire

-Waterford, Republic of Ireland

-Wolverhampton

-Worcester