Excitement is building as a large Homebase store looks set to be rebranded into The Range and staff may avoid redundancy following a rescue deal.

Homebase announced plans to bring in administrators in mid-November, throwing the future of the company’s Rayleigh Weir store into doubt.

However, the popular garden and DIY store appears to have been “saved” after administrators from consultancy firm, Teneo, struck a deal with retail group, CDS, who own The Range and Wilko, to save up to 1,600 jobs across 70 stores. 

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Rayleigh Weir Homebase could soon become The RangeRayleigh Weir Homebase could soon become The Range (Image: Google Maps)
The Teneo administrators placed 74 Homebase stores on the market, including the chain’s Basildon location, with the remaining stores set to be rebranded into The Range following the rescue deal.

The Rayleigh Weir branch, under the A127, is among the 70 stores which have not been listed on the market, leaving shoppers excited its future may be secured by the home and garden superstore brand. Jobs at Rayleigh Weir Homebase may now be safeJobs at Rayleigh Weir Homebase may now be safe (Image: Google Maps)
James Newport, Liberal Democrat councillor for Sweyne Park Ward, said: “Obviously, I have concerns that the closure of the Rayleigh Weir Homebase may see a loss of jobs in our ward, but I have read that The Range will be taking it on and retaining the staff who work there.

“There’s never a good time to lose your job, but especially before Christmas so I think there will be some relief. I’m sure The Range will be a very welcome addition to the retail park.”

The Range has secured a rescue deal with Homebase after the firm fell into administrationThe Range has secured a rescue deal with Homebase after the firm fell into administration (Image: Google Maps) The collapse of Homebase came as reports surfaced suggesting major banking firm Wells Fargo had declined to extend the company’s lending agreement due to concerns around its finances.

According to the PA news agency, these concerns were focused on tax rebates totalling around £5million that Homebase was waiting to receive.

The reports were supported by claims from commercial real estate adviser Altus Group, which represented Homebase.

Damian McGloughlin, chief executive of Homebase, said the last three years had been “incredibly challenging” for DIY stores, blaming “a decline in consumer confidence and spending” after the pandemic.