A retail tycoon branded the ‘Del Boy billionaire’ is poised to rescue dozens of Homebase stores as the DIY retailer prepares to go into administration. Homebase has engaged consultants to find a new buyer, putting over 100 stores and thousands of jobs across the UK at risk, according to The Times.

Homebase is set to collapse into administration with 130 shops facing closure, putting countless jobs on the line. The DIY and garden chain has closed 106 branches since 2018 and reported losses of £84 million last year.

Chris Dawson, owner of The Range, has rescued 70 stores through a pre-pack administration deal and Homebase is preparing to appoint administrators, according to reports

Homebase has been sold in a rescue deal to retailer CDS, securing up to 1,600 jobs and 70 stores across the UK, its administrator Teneo has said. Despite the deal, around 2,000 jobs and 49 branches of the DIY retailer remain at risk.

Homebase bought out of administration securing up to 1,600 jobs - The deal to buy 70 stores came after Homebase appointed administrators on Wednesday but left 2,000 workers and 49 stores still at risk.