Herbert Smith Freehills and Addleshaw Goddard lead on £1 Homebase sale
Pair advise as Australian company sells struggling home improvement chain to restructuring specialist Hilco
May 25, 2018 at 07:07 AM
2 minute read
Herbert Smith Freehills (HSF) and Addleshaw Goddard have taken lead roles on the sale of Homebase to restructuring specialist Hilco for £1.
HSF is advising Australian conglomerate Wesfarmers on the loss-making deal, with a team led by London corporate partner Mark Bardell.
Wesfarmers first bought Homebase in 2016 for £340m but has struggled since then to rebrand Homebase as part of its more successful Bunnings Warehouse DIY business. Bardell also advised Wesfarmers on this deal, alongside finance partner Kevin Pullen.
Hilco, which also own HMV, is being advised by Addleshaws' restructuring partner Tim Taylor and Manchester-based corporate partner Duncan Wilson.
It is not clear whether Hilco will close any of Homebase's 11,000 UK stores. However, the company will change all 24 of the stores converted to Bunnings back to the Homebase brand.
Australian company Wesfarmers bought Homebase in 2016 for £340m and embarked on a rebranding process to make UK Homebase stores resemble their successful Australian counterpart, Bunnings.
Mark Bardell is also part of the HSF team acting for Sky on the sale of its 20% stake in Sky Bet. HSF corporate partner John Taylor, competition partner Andre Pretorius and intellectual property partner Joel Smith are also advising on that deal.
The firm is advising longstanding clients Stagecoach and Virgin Rail on the renationalisation of the East Coast Main Line, alongside Eversheds Sutherland which is advising the Department of Transport.
Last month, Addleshaws and DLA Piper advised on UK grocery wholesaler Bestway's acquisition of drinks chains Wine Rack and Bargain Booze.
Photo credit: Sebastian Ballard
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