DIY chain Homebase has been sold for just £1, after its Australian owner Wesfarmers decided to abandon its disastrous foray into the UK.
Wesfarmers paid £340m for the retailer two years ago, but losses and other costs will bring its total bill to about £1bn.
The chain is being bought by restructuring specialist Hilco, which rescued music chain HMV in 2013.
The £1 price tag reflects the company’s negligible value, but Homebase is far from being the first firm to be sold for £1 by an owner wanting to ditch a loss-making business.
Here are a few more:
In 2015, Sir Philip Green sold the BHS department store chain for £1 to an investment vehicle called Retail Acquisitions run by Dominic Chappell.
BHS, which collapsed the following year, was part of his Arcadia Group that includes TopShop, Burton and Evans.
The decision proved to be ill-fated for Sir Philip: last year the Pensions Regulator said he sold BHS to avoid responsibility for its insolvent pension schemes if the firm went bust. Continue reading “Yours for a pound: The firms sold on the cheap”